Latest news with #AlMuhanna
Argaam
16-02-2025
- Business
- Argaam
PIF seeks to raise local content in logistics to 60% by 2025-end: Official
Saudi Arabia's Public Investment Fund (PIF) seeks to enhance its partnerships with the private sector to raise the contribution of local content to 60% by the end of 2025, PIF's Head of Transport and Logistics Sector in MENA Investments Bakr AlMuhanna told Argaam in an interview on the sidelines of PIF Private Sector Forum. He added that the transportation and logistics sector is an essential element in achieving the fund's strategy, as it contains three main pillars: maritime transport, managing and operating ports, and logistics. AlMuhanna stressed that this sector represents a major enabler for other sectors, as it contributes to facilitating obtaining raw materials, manufacturing and distributing final products, as well as enhancing flexibility of the supply chains. He pointed out that the fund owns stakes in several major companies that support this sector, including National Shipping Company of Saudi Arabia (Bahri), which operates nearly 95 cargo vessels, and the Red Sea Gateway Terminal Co. that runs Jeddah Islamic Port. The fund also holds 51% of Saudi Global Ports Co., that operates in Dammam Port. Additionally, the operation of Riyadh's Dry Port was announced. He further indicated that the fund established the Folk Maritime Services Co. to meet the market needs of maritime transport operations, as it operates in regional shipping and linking the ports of the Kingdom, India, Pakistan and East African countries. Furthermore, PIF has entered into a strategic investment with Zamil Offshore Services Co. to support maritime logistic services. With regard to land transport, AlMuhanna referred to the fund's investment in Saudi Public Transport Co. (SAPTCO), which is going through a transitional stage after the end of the long -term contracts, which contributed to creating job opportunities and strengthening the local economy. PIF's official additionally emphasized that the Kingdom benefits from its strategic location between three continents to enhance its position as a global logistical center, pointing out that the fund works to develop free logistical and economic zones, which enhances the Kingdom's attractiveness to foreign investment, as well as the flexibility of local supply chains to face challenges or volatility in the operational environment.
Zawya
14-02-2025
- Business
- Zawya
Saudi's flynas to take delivery of over 100 Airbus planes by 2030
Saudi Arabia's leading low-cost carrier flynas is likely to receive more than 100 Airbus aircraft over the next five years, as part of its broader deal for 280 Airbus jets, said a top official. The airline aims to operate over 160 aircraft by 2030 in bid to meet growth targets. The announcement today (February 13) coincided with a visit from Airbus senior management to flynas' headquarters in Riyadh. The scheduled delivery is part of its orders for 280 aircraft worth over SAR161 billion ($43 billion), one of the region's largest purchase orders, making flynas the largest owner of single-aisle airplane orders in the Middle East. The visit of the Airbus delegation coincided with flynas receiving a new Airbus A320neo airplane on February 8, bringing the total number of this type in the flynas fleet to 54. The delegation later toured flynas headquarters in Riyadh and reviewed the innovative solutions offered by the company. It also met senior flynas executives and held discussions on prospects for cooperation and strengthening their strategic relationship. The Saudi low-cost airline said it is is in line with the company's strategic growth and expansion plan, launched under the slogan "We connect the world to the Kingdom." This is in parallel with the objectives of the National Civil Aviation Strategy to enable national carriers to contribute to connecting KSA with 250 international destinations, to accommodate 330 million passengers, and to host 150 million tourists yearly by 2030, including under the Pilgrim Experience Program (PEP) to facilitate access to the two main mosques. CEO and Managing Director Bander Al Muhanna said: "We value the visit of the Airbus senior management, which reflects the position of flynas as a leading Saudi carrier at the global level and also reflects the importance of our long-term partnership that has strengthened the contribution of flynas to achieving national goals in the aviation industry." Citing the strategic relationship between Airbus and flynas since its inception, Al Muhanna said it further developed in 2016 after the signing of an agreement to purchase 120 aircraft. The partnership moved to a new level last year with the signing of an order to purchase 160 Airbus airplanes of the A320 and A330 wide-body types, he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
13-02-2025
- Business
- Trade Arabia
Saudi's flynas to take delivery of over 100 Airbus planes by 2030
Saudi Arabia's leading low-cost carrier flynas is likely to receive more than 100 Airbus aircraft over the next five years, as part of its broader deal for 280 Airbus jets, said a top official. The airline aims to operate over 160 aircraft by 2030 in bid to meet growth targets. The announcement today (February 13) coincided with a visit from Airbus senior management to flynas' headquarters in Riyadh. The scheduled delivery is part of its orders for 280 aircraft worth over SAR161 billion ($43 billion), one of the region's largest purchase orders, making flynas the largest owner of single-aisle airplane orders in the Middle East. The visit of the Airbus delegation coincided with flynas receiving a new Airbus A320neo airplane on February 8, bringing the total number of this type in the flynas fleet to 54. The delegation later toured flynas headquarters in Riyadh and reviewed the innovative solutions offered by the company. It also met senior flynas executives and held discussions on prospects for cooperation and strengthening their strategic relationship. The Saudi low-cost airline said it is is in line with the company's strategic growth and expansion plan, launched under the slogan "We connect the world to the Kingdom." This is in parallel with the objectives of the National Civil Aviation Strategy to enable national carriers to contribute to connecting KSA with 250 international destinations, to accommodate 330 million passengers, and to host 150 million tourists yearly by 2030, including under the Pilgrim Experience Program (PEP) to facilitate access to the two main mosques. CEO and Managing Director Bander Al Muhanna said: "We value the visit of the Airbus senior management, which reflects the position of flynas as a leading Saudi carrier at the global level and also reflects the importance of our long-term partnership that has strengthened the contribution of flynas to achieving national goals in the aviation industry." Citing the strategic relationship between Airbus and flynas since its inception, Al Muhanna said it further developed in 2016 after the signing of an agreement to purchase 120 aircraft.
