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Saudi Arabia opens air space to all carriers that follow overflight authority terms

Saudi Arabia's aviation authority announced plans to open its airspace "to all airlines that meet the authority's requirements for overflight" on Thursday night (July 14).
“The General Authority of Civil Aviation announces the decision to open the Kingdom’s air space for all air carriers that meet the requirements of the Authority for overflying,” the statement said.
The move will also “consolidate the Kingdom’s position as a global hub connecting three continents,” the statement clarified. Enabling wider access to this crucial air space also allows for greater international air connectivity.
Saudi Arabia has plans to boost airports’ capacity to handle 330 million passengers by 2030, Abdulaziz bin Abdullah al-Duailej, head of GACA, told Al Arabiya news in May.
GACA aims to invest over $100 billion in the aviation sector by 2030, al-Duailej said, adding that investments are expected to be funded by the private and public sector.

Saudi Arabia also aims to increase annual air cargo volumes to 4.5 million by 2030 from 900,000 tons in 2019, of which half would be transiting elsewhere, Mohammed Alkhuraisi, head of strategy at the General Authority of Civil Aviation told Reuters in April.
US President Joe Biden, who is currently on a state visit to Israel and is due to travel to Saudi Arabia on Friday, praised the Saudi leadership's move as a "historic decision."
Saudi Crown Prince inaugurates second phase of restoring historical mosques
White House National Security Adviser Jake Sullivan said in a statement: “This decision paves the way for a more integrated, stable, and secure Middle East region, which is vital for the security and prosperity of the United States and the American people, and for the security and prosperity of Israel,”
Israel and Saudi Arabia have no diplomatic relations, with the Gulf kingdom not even recognising Israel as a state, one possible reason why the Saudi statement did not refer to Israel by name, the Anews reported, citing the DPA.
Kremlin hopes Biden not seeking to turn Saudi Arabia against Russia
The announcement of an open skies policy by Riyadh will mean shorter flights from Asia to Israel, as airlines serving those routes will no longer be required to take long detours around Saudi Arabia en route to Israel.
Biden's visit is his first to the Middle East since taking office last year. Several Arab states have established diplomatic relations with Israel in the past few years as part of the US-brokered Abraham Accords, though despite its step towards rapprochement on Thursday, Saudi Arabia is currently considered unlikely to join them in doing so.
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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