{"id":88889,"date":"2024-08-21T00:00:00","date_gmt":"2024-08-21T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/21\/pif-plans-new-freight-airline-to-take-on-rival-gulf-airlines\/"},"modified":"2024-08-21T00:00:00","modified_gmt":"2024-08-21T00:00:00","slug":"pif-plans-new-freight-airline-to-take-on-rival-gulf-airlines","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/08\/21\/pif-plans-new-freight-airline-to-take-on-rival-gulf-airlines\/","title":{"rendered":"PIF plans new freight airline to take on rival Gulf airlines"},"content":{"rendered":"

Good morning, friends, and happy almost-THURSDAY.<\/strong> We have a rather busy issue this morning, packed with stories on investments, M&A, construction, and energy. The Kingdom\u2019s push to lure in more FDI and equity investments leads our news well this morning, along with news of shipping outfit Bahri pushing ahead with its fleet modernization plan with a big USD 1 bn agreement that will see it buy nine oil tankers. <\/p>\n

\u26a0\ufe0f WEATHER WARNING- Thunderstorms are still in the cards across the country today<\/strong> and tomorrow<\/strong>, the General Directorate of Civil Defense said in a warning on X<\/a>. Makkah<\/a> is in for the most severe conditions, including heavy rainfall, flash floods, hail, and sandstorms. Meanwhile, Riyadh, Madinah, Baha<\/a>, Asir, and Jazan<\/a> are also forecasted to get varying degrees of rainfall.<\/p>\n

PSA- <\/p>\n

<\/a> #1- <\/strong>More properties will be eligible for registration on the Real Estate Registry (RER) system<\/strong> next month in Riyadh and Qassim. <\/strong>Initial applications can be submitted through the Real Estate Registry online portal<\/a>, which provides a set of services including deed transfers. Registration requires a valid title deed.<\/p>\n

In Riyadh: <\/strong>The owners of a select 4.9k properties in Riyadh\u2019s Taiba neighborhood will be able to submit their applications for registration with the RER from Sunday, 1 September until Thursday, 5 December, the General Real Estate Authority said in a statement<\/a>. <\/p>\n

For Qassim residents:<\/strong> Applications will be open for 30.8k properties in 11 neighborhoods in Qassim from Sunday, 29 September until 2 January 2025, the authority said in a separate statement<\/a>.<\/p>\n

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<\/a> #2- The Hajj and Umrah Ministry has launched a direct Umrah program that aims to enable Umrah<\/strong> service providers to serve pilgrims directly<\/strong>, eliminating middlemen, state news agency SPA<\/a> reported on Monday, without providing further information.<\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- The PIF is reportedly in early talks with Boeing and Airbus for air freighters as it looks to<\/strong> build a new cargo airline<\/strong>, Bloomberg<\/a> reported citing people it says are familiar with the matter. The new freight airline would serve flagship carrier Saudia as well as the sovereign wealth fund\u2019s airline startup Riyadh Air as the Kingdom looks to establish itself as a \u201clogistics hub to rival Dubai and Doha,\u201d the business information service says. PIF has also tapped aircraft lessors for the potential acquisition, the sources also said. Reuters<\/a> also picked up the story.<\/p>\n

What we don\u2019t know: <\/strong>Bloomberg\u2019s sources noted that the PIF is reportedly interested in acquiring Boeing 777 and Airbus A350 freighters, but provided no additional details on the size or value of a potential order. The number of aircraft the fund purchases could be affected by the amount in Dubai\u2019s Emirates and Qatar Airways\u2019 fleets, which number at 14 and 28. Saudia\u2019s current cargo operations will also be included in this new venture, the sources said.<\/p>\n

It\u2019s part of a big Saudi push into air transport <\/strong>that will see the launch of Riyadh Air as a new national flag carrier that will make Riyadh its home base while current national carrier Saudia relocates<\/a> to Jeddah\u2019s King Abdulaziz International Airport. PIF-owned Riyadh Air, announced in March 2023<\/a>, will start operations in 2025 and has a target of operating flights between 100 destinations by 2030. Saudia would shift focus on transporting pilgrims to holy sites, while Riyadh Air will focus on tourists, including international transit passengers. Saudia placed earlier this year a USD 19 bn order with Airbus<\/a> for 105 narrow-body aircraft in what stands as the largest order made in Saudi aviation history.<\/p>\n

REMEMBER- PIF wants to acquire Saudia <\/strong>in whole or in part and aims to take a stake in Saudi-owned budget carrier Flyadeal<\/a> as part of the transaction. <\/p>\n

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<\/a> #2- Saudi\u2019s steel industry is poised for growth in the medium term, driven by the<\/strong> country\u2019s giga-projects<\/strong>, according to a report by Glasgow Research & Consulting<\/a>. Demand for steel is expected to have a compound annual growth rate of 3.9% from 2023 to 2026.<\/p>\n

Localizing the industry + capping our import bill: <\/strong>The Kingdom is looking to meet 99% of domestic steel demand through local manufacturing by 2030, up from 67% in 2019, the report reads.<\/p>\n

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DATA POINTS-<\/p>\n

National carrier Saudia had the fewest complaints among the country\u2019s airlines in July<\/strong>, with 25 complaints per 100k passengers and a perfect 100% on-time resolution rate, according to the General Authority for Civil Aviation<\/a>. This is the fifth consecutive month that Saudia has had the lowest number of complaints. Flynas followed closely with 27 complaints, while Flyadeal had 34 complaints. <\/p>\n

Airports\u2019 performance:<\/strong> Riyadh\u2019s King Khalid International Airport had the lowest complaint rate among major international airports with annual passenger traffic above 6 mn people. The airport logged 0.4 complaints per 100k passengers, for a total of 14 complaints in July. Among airports with less than 6 mn in annual passenger traffic, Hail International fared best, with 1 complaint per 100k passengers (and one complaint throughout the month). <\/p>\n

\n

SPORTS-<\/p>\n

#1- We\u2019re going to see a very different Al Ettifaq next season:<\/strong> Al Ettifaq \u2014 which struggled last season, ending in sixth place in the Saudi Pro League \u2014 completed 26 transfers (outgoing and incoming) during the summer transfer window, writes Express<\/a>. The club secured the signatures of some high-profile European talent, including France\u2019s Moussa Dembele, Seko Fofana (on loan from Al Nassr), former PSG and Liverpool footballer Georginio Wijnaldum, and Demarai Gray, who was most recently at Everton. <\/p>\n

#2- FROM THE RUMOR MILL- <\/strong>Al Hilal has drawn up a three-man shortlist including Manchester City defenders Kyle Walker and Jo\u00e3o Cancelo, along with Bayer Leverkusen defender Jeremie Frimpong, to boost its defense squad, the Guardian<\/a> reports. The move comes as the club\u2019s current right back Saud Abdulhamid mulls interests from Reims and Roma. <\/p>\n

#3- MOVES-<\/strong> Burnley FC winger Johann Berg Gudmundsson is reportedly very close to closing a transaction that would see him join the Saudi Pro League, Belgian sports journalist Sacha Tavolieri said on X<\/a>. \u201cIcelandic right winger made his medical tests today in order to complete his move to the Saudi Pro League. Told this [agreement is] imminent now.\u201d<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

***<\/strong>You\u2019re reading EnterpriseAM Saudi<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Sunday through Thursday by 7am Riyadh time.<\/p>\n

EnterpriseAM Saudi is available without charge <\/strong>thanks to the generous support of our friends at Cenomi.<\/p>\n

Want to send us a story idea<\/strong>, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on saudi@enterpriseAM.com<\/a>.<\/p>\n

DID YOU KNOW <\/strong>that we also cover Egypt<\/a>, the UAE<\/a>, the MENA logistics<\/a> and climate<\/a> industries?<\/p>\n

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\n

THE BIG STORY ABROAD- <\/p>\n

The US is reminiscing about 2008:<\/strong> Former US President Barack Obama took the stage at the Democratic National Convention (DNC) in his hometown of Chicago just a few minutes before we hit \u201csend\u201d on this morning\u2019s issue, as he endorses Democratic nominee Kamala Harris. Some are drawing parallels between Obama\u2019s \u201chard-fought\u201d presidential election bid in 2008, \u201cwith party faithfuls hoping that Harris\u2019 race against Donald Trump will assemble the same broad coalition that could deliver a commanding win.\u201d The story is emblazoned across the front pages everywhere in the international press this morning (Reuters<\/a> | Bloomberg<\/a> | Politico<\/a> | Financial Times<\/a> | Wall Street Journal<\/a> | New York Times<\/a> | Washington Post<\/a>)<\/p>\n

MEANWHILE-<\/strong> US Secretary of State Antony Blinken wrapped up his tour of the Middle East without clearly securing a ceasefire agreement between Hamas and Israel. Blinken, who was in Cairo and Doha yesterday, secured Israeli Prime Minister Benjamin Netanyahu\u2019s agreement to a bridge proposal that would ensure a ceasefire in Gaza, but Hamas has yet to formally accept or reject the terms of the proposal. Ceasefire talks are still scheduled to happen in Egypt this week, although it remains unclear when. (Reuters<\/a> | Bloomberg<\/a>)<\/p>\n

AND-<\/strong> Morgan Stanley International Chairman Jonathan Bloomer and British tech b\u2019naire Mike Lynch are both missing and presumed to be dead after a yacht hit a storm and sank off the coast of Italy earlier this week. Four others onboard the yacht are also missing, while one \u2014 a chef on board the yacht \u2014 was found dead, and 15 passengers were rescued. (CNBC<\/a> | Financial Times<\/a>)<\/p>\n

\n

CIRCLE YOUR CALENDAR-<\/p>\n

The five\u2013day <\/strong>Tourism Week organized by Monsha\u2019at<\/strong> will get underway next Sunday, 25<\/strong> August<\/strong>, at the Enterprise Support Centers in Riyadh, Jeddah, Al Khobar, and Madinah. You can check out the agenda here<\/a>, and register here<\/a>.<\/p>\n

The EFG Hermes London Conference returns: <\/strong>EFG Hermes will hold its annual conference in London on 9-12 September, giving investors \u201cunique and unparalleled access to leading equities in MENA and key frontier emerging markets.\u201d <\/p>\n

The <\/strong>Crown Prince Camel Festival<\/a><\/strong> runs until Tuesday, 10 September at the Taif Camel <\/strong>Racing Track<\/strong>, featuring 610 rounds of racing and a purse of SAR 56 mn.<\/p>\n

The <\/strong>New Global Sport Conference 2024<\/a><\/strong> is happening on Saturday and Sunday, 24-25<\/strong>August<\/strong>, bringing together top figures from sports, esports, gaming, entertainment, and technology. This year\u2019s theme is the Future of Fandom, highlighting fans\u2019 role in building brand equity and revenue. <\/p>\n

The eight-week <\/strong>Esports World Cup<\/a><\/strong> runs until Sunday, 25 August Riyadh\u2019s Boulevard<\/strong> City<\/strong>. The world\u2019s top esports clubs are competing for a pool of USD 60 mn \u2014 the largest purse in esports.<\/p>\n

The two-day <\/strong>Kingdom Business and Luxury Travel Congress<\/a><\/strong> will kick off on Wednesday,<\/strong> 25 September<\/strong>, at the Crowne Plaza Riyadh RDC Hotel and Convention.<\/p>\n

The three-day <\/strong>Global Logistics Forum<\/a><\/strong> will kick off on Saturday, 12 October<\/strong> at Riyadh\u2019s King Abdullah Financial District. <\/p>\n","protected":false},"excerpt":{"rendered":"

PLUS: Saudi\u2019s steel industry is getting a shot in the arm from national giga-projects<\/p>\n","protected":false},"author":1,"featured_media":88890,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2540],"tags":[93,10,1151,106,8,9],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-aviation","tag-enterpriseam-ksa","tag-public-investment-fund-pif","tag-real-estate","tag-sports","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"a9d19206-d6e4-4fd5-b17b-7081a40acf8d","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/1866.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: PIF plans new freight airline to take on rival Gulf airlines","related_issue":[88887],"teaser":"PLUS: Saudi\u2019s steel industry is getting a shot in the arm from national giga-projects","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.f77d55ee-381c-4eb4-9ec8-c7996cccf117.mp3"},"yoast_head":"\nPIF plans new freight airline to take on rival Gulf airlines - 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