Latest news with #RiyadhAir
Condé Nast Traveler
5 days ago
- Business
- Condé Nast Traveler
The Middle East Is Getting a New Budget Airline
Just as Wizz Air announces its exit from Abu Dhabi, a new low-cost airline is preparing for take-off in the Middle East, promising to unlock a raft of new routes for regional travelers. Saudi Arabia has officially granted an operating license to the yet-to-be-named budget carrier, which will be headquartered at King Fahd International Airport in the eastern city of Dammam. The joint venture—backed by Sharjah-based Air Arabia, KUN Investment Holding, and Nesma—plans to serve 24 domestic and 57 international destinations by 2030, with the official route network set to be announced in the coming months. According to Saudi Arabia's General Authority of Civil Aviation, the airline is targeting 10 million passengers a year by the end of the decade on a fleet of 45 aircraft. The regulator said the move is part of a broader push to boost air connectivity in the kingdom's Eastern Province, ramp up seat capacity, and offer travelers more affordable flight options across the region and beyond. While a formal launch date has yet to be confirmed, the new carrier is Saudi Arabia's second major airline debut in recent years, with Riyadh Air set for take-off later this year. Based out of Riyadh's King Khalid International Airport, the new airline will open up more than 100 destinations by 2030, making it easier for travelers to fly directly between Saudi Arabia and major cities in Europe, Asia, and North America. The new budget carrier will be Saudi Arabia's second airline debut in recent years, with Riyadh Air scheduled to begin commercial flights by the end of 2025. Courtesy Riyadh Air Riyadh Air has already ordered dozens of Boeing's 787-9 Dreamliners, which feature the largest windows of any jet currently in the skies, air that is more humid and pressurized at a lower cabin altitude, large overhead bins, and technology that senses and counters turbulence for a smoother ride. At the Paris Air Show in 2023, Riyadh Air revealed its official indigo theme, with striking lines inspired by the twisting canopies of traditional Bedouin tents and the elegant curves of Arabic calligraphy. The bold look features a sweeping cockpit window design, with the signature color palette contrasting against a light iridescent fuselage that reflects 'purity and the future-focused vision of Saudi Arabia." The launch of Riyadh Air coincides with the construction of a futuristic new airport for Riyadh, which is set to be one of the largest in the world and will welcome more than 120 million passengers annually by the end of the decade. This article originally appeared on Condé Nast Traveller Middle East.
Yahoo
6 days ago
- Business
- Yahoo
Saudi Arabia consider multi-billion investment in Atletico Madrid
Atletico Madrid might not be up for sale, but CEO Miguel Angel Gil Marin is in talks to sell part of the club to foreign investors. Los Rojiblancos are looking for investment into their urban project on the land around the Metropolitano, which could open the door to further deals. News broke last week that US investment group Apollo Global Management were in talks with Atletico to buy into the club, with Gil Marin, President Enrique Cerezo, and Ares Management diluting their shares. As things stand, Atletico HoldCo currently own 70% of the club, while Quantum Pacific own 28% . The idea would be to dilute Ares Management's 34% share in Atleti HoldCo., as well as Cerezo's 15%, while leaving Gil Marin as the majority shareholder and thus still the main decision-maker. Saudi Arabia open door to multi-billion investment The number mentioned for the above deal was a potential €2.5b investment from Apollo. According to VozPopuli, Saudi Arabia have communicated their interest in a potential deal, and a willingness to negotiate for a major stake in the club. Photo by El Desmarque The Middle Eastern oil power are already linked to Los Rojiblancos through sponsorship, with Riyadh Air currently the main shirt sponsor for the club, as well as their stadium sponsor. Riyadh Air are finally expected to start operation as an airline after two years of advertising on the Atletico shirt at some point this year. Development of Atletico Sports City The development of the Atletico Sports City could be the impetus for changes in the ownership. Already Atletico are constructing a watersports venue and beach next to the stadium, and have just secured planning permission for a 20,000 capacity concert venue. The plans are for a sports complex and training facilities to be built. Los Rojiblancos will front €120m of the cost, and will receive €120m from the CVC deal towards the budget. However they are still seeking a further €500m in investment to complete their plans, and are seeking to get that money in before this autumn. Both Apollo and Saudi Arabia could invest in that project too.
CairoScene
20-07-2025
- Business
- CairoScene
Saudi Arabia Launches Riyadh Air as New National Carrier
Saudi Arabia introduces Riyadh Air, a second national airline based in the capital. Its first flight took off this month, marking a move to scale up global connectivity from the Gulf. Riyadh Air has officially launched in Saudi Arabia. The new national carrier, backed by the country's sovereign wealth fund, is based at King Khalid International Airport in the capital. The airline plans to operate long-haul routes and eventually serve over 100 destinations by 2030. Riyadh Air is expected to lean on digital integration, a streamlined Boeing fleet and a sustainability-focused model to differentiate itself from other Gulf airlines. It will also focus on domestic mobility and inbound travel. The airline is wholly owned by the Public Investment Fund, which has been pouring money into large-scale infrastructure and mobility projects. Riyadh Air was first announced in March 2023, and its commercial operations are scheduled to begin in the third quarter of 2025. Its launch follows other headline projects in the Kingdom, including plans for a new international airport in Riyadh. Saudi Arabia's existing national airline, Saudia, will continue to operate separately.
Gulf Insider
03-07-2025
- Business
- Gulf Insider
Saudi Businesses Add New Jobs At Fastest Pace In 14 Years: Riyad Bank PMI
Saudi businesses are continuing to add new jobs at top speed – but this is also leading to a 'record rise' in their wage costs. Across sectors, new jobs are seeing the 'sharpest rise' since May 2011, according to the latest PMI data. This is where the cost factor kicks in. 'This surge in demand for staff contributed to a record increase in wage costs, which added to overall cost pressures and led to a renewed rise in output prices,' according to a report by Riyad Bank. Adding to this is the cost of purchases, which in June rose at the fastest since February 2025, in part 'driven by stronger demand and rising geopolitical risks'. 'Despite these cost challenges, firms broadly raised their selling prices, reversing the declines seen in May and signaling an improved ability to pass on higher costs to customers,' said Naif Al-Ghaith, Chief Economist at Riyad Bank. The Saudi travel and tourism sector is, these days, one of the biggest hirers in the Kingdom, with the launch date of Riyadh Air coming closer on the horizon. According to hiring consultants, there is a whole slew of aviation facing businesses that are also adding to their payrolls. The Saudi non-oil economy saw its June PMI climb to 57.2 from 55.8 in May. The higher reading is 'supported by higher output levels, rising demand, and an active labour market', says Riyad Bank. 'Firms largely linked the pickup in activity to improving sales, new project starts, and better demand conditions, although the pace of output growth was softer compared to previous highs.' (The Purchasing Managers Index is a composite score that tallies business spending patterns, order intake and output, inventory levels as well as hiring. A score of 50 plus shows businesses in expansion drive.) 'Sentiment among non-oil businesses remains highly positive,' said Al-Ghaith. 'Confidence about future activity climbed to a two-year peak, supported by healthy order pipelines and stronger domestic economic conditions. 'However, cost pressures became more pronounced in June. Staff costs rose at a record pace as firms worked to retain talent, while purchase prices saw their fastest increase since February, partly driven by stronger demand and rising geopolitical risks.'
Time of India
03-07-2025
- Business
- Time of India
Saudi Arabia sees fastest job growth in 14 years as wage costs surge, PMI shows
Saudi Arabia's private sector is experiencing its fastest pace of job creation since May 2011, according to the latest Purchasing Managers' Index (PMI) from Riyad Bank. The robust hiring is fueled by rising demand and economic optimism, but it also comes with rising wage and input costs, placing pressure on overall pricing. Tired of too many ads? go ad free now Job Market Heats Up, But So Do Costs According to the June PMI report: New jobs across non-oil sectors increased at the sharpest rate in 14 years This hiring boom led to a record rise in wage costs, contributing significantly to overall cost pressures 'This surge in demand for staff contributed to a record increase in wage costs… and led to a renewed rise in output prices,' the report noted. Adding to wage inflation, input purchase costs also rose at the fastest rate since February 2025, driven by geopolitical risks and stronger demand. Travel and Aviation Driving the Job Boom A major contributor to this hiring wave is Saudi Arabia's travel and tourism sector, particularly with the highly anticipated launch of Riyadh Air. Aviation-facing businesses are actively expanding their teams Hiring consultants note increased recruitment across airlines, airports, and hospitality services This activity reflects the Kingdom's broader vision to diversify away from oil and develop a thriving tourism and service economy. June PMI Surges to 57.2: A Sign of Expanding Growth Saudi Arabia's non-oil PMI rose to 57.2 in June, up from 55.8 in May. A reading above 50 indicates business expansion. Key drivers of the PMI rise include: Higher output levels Rising demand and new project launches An active labour market 'Firms largely linked the pickup in activity to improving sales, new project starts, and better demand conditions,' the report stated. Though output growth was slightly softer than earlier highs, the momentum in hiring and project activity remains strong. Business Confidence Hits Two-Year High Despite rising costs, sentiment in the Saudi private sector remains upbeat. 'Confidence about future activity climbed to a two-year peak,' said Naif Al-Ghaith, Chief Economist at Riyad Bank in a public statement. 'Staff costs rose at a record pace as firms worked to retain talent… while purchase prices saw their fastest increase since February.' The positive outlook is underpinned by: Healthy order pipelines Stronger domestic demand Continued project announcements and expansion plans
