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Saudi budget airline flynas plans to sell a 30% stake in an IPO on the Tadawul stock exchange, aiming to capitalize on growing investor interest in Gulf aviation. This move aligns with Saudi Arabia's Vision 2030 goals to diversify the economy and boost tourism, as the airline targets a fleet expansion to 160 aircraft by 2030. Flynas, profitable since 2015 (excluding 2020), reported SAR 6.3 billion in revenues for 2023, marking a 32% increase year-on-year.
In January, Saudi Arabia's total merchandise exports reached SR97.18 billion, a 2.4% year-on-year increase, with non-oil exports rising to SR26.48 billion, reflecting a 10.7% growth. China was the top destination for exports, receiving SR14.74 billion, while imports rose 8.3% to SR72.62 billion, primarily from China. The Kingdom's non-oil sector continues to expand, contributing significantly to economic diversification efforts under Vision 2030.
Oman has granted Starlink Muscat a Class 1 license to provide nationwide satellite internet, expanding its services in the Middle East. The low-Earth orbit satellites will deliver high-speed broadband, reaching remote areas and supporting key sectors like oil, gas, and tourism. Starlink plans to launch in Kuwait, Bahrain, and Jordan in 2025, while services in Saudi Arabia and the UAE await regulatory approval.
Novo Banco has appointed Carmen Goncalves, a former director at Lloyds Banking Group, as chief risk officer following the dismissal of her predecessor for alleged misconduct. Goncalves, who has extensive experience in enterprise risk management, was previously head of Global Risk Management at Novo Banco since December. The bank is preparing for a significant IPO, with CEO Mark Bourke re-elected until 2028.
Kuwait has enacted a public debt law allowing for a borrowing ceiling of KWD 30 billion ($97.4 billion) and the issuance of financial instruments with maturities up to 50 years. This legislation aims to diversify funding sources and reduce reliance on oil revenues, supporting the country's Vision 2035 economic diversification strategy. With a projected budget deficit of KWD 5.6 billion ($18.33 billion) for the 2024-2025 fiscal year, the law is seen as a crucial step toward fiscal sustainability and infrastructure financing.
Gulf sovereign wealth assets are projected to reach $18 trillion by 2030, marking a 50% increase and reinforcing the region's financial dominance. With around 40% of global SWF assets, key players like Saudi Arabia’s PIF and Abu Dhabi’s ADIA are expanding investments, particularly in Asia and Africa, while facing rising competition and the need for enhanced performance standards.
Agthia Group PJSC has announced a leadership transition, appointing Salmeen Al Ameri as Managing Director and CEO effective June 2, 2025, succeeding Alan Smith, who will remain as an advisor. Under Smith's leadership, Agthia expanded its business segments and more than doubled its revenue from AED 2.1 billion in 2020 to AED 4.9 billion in 2024. Al Ameri, who has been Vice Chairman since 2020, aims to accelerate growth and drive digital transformation as the company pursues its ambitious 2030 strategy.
Saudi Arabia's sovereign wealth fund and five regional counterparts are projected to manage $18 trillion in assets by 2030, a 50% increase from 2024. The Gulf region, home to six of the world's largest sovereign funds, is focusing on investments in Asia and Africa, particularly in high-growth economies and the mining sector. As competition intensifies, these funds are enhancing internal capabilities and seeking experienced talent to drive innovation and performance.
Al Ahli Bank of Kuwait – Egypt (ABK-Egypt) has partnered with Visa to enhance digital payment solutions and support Egypt's digital transformation. This long-term agreement aims to launch innovative products for various customer segments, promoting financial inclusion and improving service quality. Both organizations are committed to advancing technology-driven banking solutions, particularly for younger customers, to contribute to the country's economic growth.
Microsoft has partnered with the Government of Kuwait to enhance digital transformation through an AI-powered Azure Region, aligning with Kuwait’s Vision 2035. This initiative will boost local AI capabilities, attract global businesses, and establish a Microsoft Technology Innovation Hub, including an AI Innovation Centre and a Cloud Centre of Excellence.Additionally, the government will implement Microsoft 365 Copilot for employees to improve efficiency and decision-making, while also launching the Cybersphere initiative to bolster cybersecurity and a skilling program for the workforce. This collaboration aims to foster a diversified digital economy and stimulate sustainable growth.
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
flynas to launch 30 percent IPO amid Gulf aviation expansion efforts
09:21 31.03.2025
saudi arabia reports significant growth in exports and imports for january
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13:48 30.03.2025
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10:00 28.03.2025
novo banco appoints former lloyds director as chief risk officer
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15:45 27.03.2025
Kuwait introduces public debt law for 97 billion dollar borrowing plan
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gulf sovereign wealth assets projected to reach 18 trillion by 2030
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12:13 24.03.2025
Agthia Group announces leadership transition to drive future growth and innovation
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gulf sovereign wealth funds poised for significant growth and strategic expansion
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09:00 24.03.2025
abk-egypt partners with visa to enhance digital payment solutions in egypt
08:49 24.03.2025
microsoft partners with kuwait government to drive ai transformation and growth
09:47 21.03.2025
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