AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 
CEO of Dubai Airports Paul Griffiths speaking at the Future Hospitality Summit in Dubai. Screenshot
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Updated 30 September 2024
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AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

AI-driven innovations to help Dubai Airport serve record 93m passengers in 2024: CEO 

RIYADH: Technological integration and advancements in artificial intelligence are driving efficiency at Dubai International Airport, helping position it as a leading global hub, a top official said. 

During a panel at the Future Hospitality Summit, CEO of Dubai Airports Paul Griffiths explained that with the facility expecting to serve a record 93 million passengers this year, innovation and strategic use of the hub’s geographic advantage are crucial to sustaining growth and enhancing customer experience.

“Dubai’s geocentricity plays a pivotal role in our success,” Griffiths said, adding: “A third of the world’s population is within four hours, and two-thirds within eight hours from Dubai. This makes DXB an unparalleled hub, offering connectivity to 104 countries and 256 cities globally.”

Speaking at the event in Dubai, the CEO added that the airport’s throughput has scaled with its growth, driven by a combination of technology and human capital, allowing it to remain competitive even amid rising global passenger numbers. 

DXB recorded a milestone of over 44.9 million passengers in just the first half of 2024, a significant increase from previous years, reaffirming its position as the world’s busiest airport for international travelers. 

Griffiths highlighted DXB’s Operations Control Center as a key technological innovation enabling this success. 

“We’ve established a center where every aspect of the operation is micromanaged in real-time. From monitoring aircraft turnarounds with AI-driven cameras to predicting weather-related disruptions, we ensure smooth, quick transitions for passengers,” he said. 

This data-driven approach, Griffiths explained, ensures that the airport can accommodate an ever-increasing number of passengers while maintaining high service standards. 

Griffiths also highlighted the importance of Al Maktoum International Airport in supporting the emirate’s long-term infrastructure and aviation strategy, aligned with the Dubai Economic Agenda D33, which aims to double its gross domestic product by 2033. 

 

The airport’s workforce has also evolved in parallel with its technological advancements. Griffiths discussed DXB’s’ graduate training program, launched in 2007. 

“We have invested in local talent, and today, 78 percent of our management team comprises UAE nationals, many of whom are women,” he said. 

The CEO stressed that this talent pipeline has been instrumental in maintaining high operational standards despite a significant reduction in staff numbers. “When I started, we had 5,500 employees managing 30 million passengers. Today, we handle 93 million passengers with just 1,800 staff, thanks to technology and highly motivated teams.” 

This increase in efficiency aligns with the broader transformation happening in Dubai, where the aviation, travel, and tourism sectors are central to the emirate’s economic growth. 

Ahmed Al-Maktoum, chairman of Dubai Airports, emphasized earlier this year the need for expanding Dubai’s infrastructure to keep pace with rising passenger traffic, which is projected to exceed 90 million by year-end. 

The integration of technology and the nurturing of local talent have not only boosted efficiency but also supported the airport’s broader ambition to position Dubai as a leader in global aviation. 

Griffiths further emphasized that the future of the airport would focus on enhancing connectivity and ensuring customer satisfaction without losing the personal touch. 

Looking forward, he expressed confidence in the continued growth of Dubai’s aviation sector. 

This milestone will further solidify Dubai’s position as the largest international airport in the world, driven by a combination of strategic location, cutting-edge technology, and an innovative workforce. 

“We are not just a transit point; we are setting new standards in global connectivity and customer service,” said Griffiths.


Saudi economy hits 52% non-oil growth, attracts 600 HQs, says Al-Falih 

Saudi economy hits 52% non-oil growth, attracts 600 HQs, says Al-Falih 
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Saudi economy hits 52% non-oil growth, attracts 600 HQs, says Al-Falih 

Saudi economy hits 52% non-oil growth, attracts 600 HQs, says Al-Falih 

RIYADH: Saudi Arabia’s efforts to diversify its economy are yielding substantial results, with non-oil sectors now accounting for 52 percent of the country’s total economic activities. Furthermore, the number of foreign companies relocating their regional headquarters to Riyadh has risen to 600.

These statistics were shared by Saudi Investment Minister Khalid Al-Falih at the third PIF Private Sector Forum, which opened in Riyadh on Wednesday.

Al-Falih emphasized that the Kingdom’s economic transformation has been propelled by significant investment growth, with total investment in 2024 expected to reach SR1.2 trillion—almost double the investment levels prior to the launch of Vision 2030.

He further noted that by the end of 2024, Saudi Arabia’s economy is projected to reach SR4 trillion ($1.1 trillion).

“Last year was a very good year. In the private sector and investment domain in general, this is measured by fixed capital formation. Before Vision 2030, the annual rate was around SR642 billion, representing about 22 percent of GDP,” Al-Falih said.

He added: “The Saudi economy has surpassed an important milestone in its diversification journey. We’ve achieved 52 percent of economic activities being entirely non-oil. Even during years when oil-related activities were low due to the Kingdom’s usual production policies, the growth rate of non-oil activities remained steady at 4-6 percent.”

The minister highlighted the increasing role of the private sector in driving investments, noting that in the past, government and oil-related investments were the primary sources of capital inflows.

“In the past, most of the investment came from the government and the oil sector, Aramco and its investments,” Al-Falih explained.

He continued: “Around 72 percent of investments now come from other private sector industries. The fund (PIF) itself directly invests about 12-13 percent of total fixed capital formation, but it plays a crucial role in stimulating other investments.”

Al-Falih also pointed to international recognition of Saudi Arabia’s economic transformation, citing remarks from US President Donald Trump regarding the effectiveness of the PIF.

“Trump, the president of the world’s largest economy and the global leader most focused on economic and investment policy in his country, said that the first step within the first week or two would be to establish a sovereign wealth fund,” he noted.

Al-Falih continued: “The only fund he referenced was the PIF—not only because its returns and global impact are well known through bold initiatives, but also because the American president recognized that the Saudi economy has diversified and grown, making it an economy that investors worldwide are eager to engage with due to its unprecedented stimulative role.”

The minister also highlighted the improved attractiveness of Saudi Arabia as a business hub, with the number of registered investment licenses soaring from 4,000 in 2018-2019 to 40,000 today.

Al-Falih recalled a recent meeting with Nokia, where the company confirmed it would manage operations in 75 countries across Asia, the Middle East, and Africa from its regional headquarters in Riyadh.

“This hub will be connected to their largest global logistics center for product distribution, as well as a research and development center. In the future, we aspire for them to incorporate manufacturing into their operations,” he said.

Foreign investments in Saudi Arabia have surged significantly, with total foreign investment stock reaching SR900 billion—double the amount recorded at the launch of Vision 2030.

Al-Falih also observed that the annual inflow of foreign investments has tripled compared to pre-Vision 2030 levels.

He attributed these achievements to the Kingdom’s legislative improvements, noting that more than 800 regulatory reforms have been introduced to enhance the investment environment.

“With the integrated efforts of all entities, regulators, legislators, the Competitiveness Center, the Ministry of Investment, and others, more than 800 legislative improvements have been introduced, some minor and others fundamental and pivotal,” he said.

These reforms include, but are not limited to, the Civil Transactions Law, the Bankruptcy Law, and the new Companies Law.

Al-Falih underscored that Saudi Arabia’s leadership in digital and industrial transformation has also played a key role in attracting global investors.

“Today, in the Kingdom, the penetration rate of 5G and 6G networks, key drivers for attracting many companies into the heart of the Fourth Industrial Revolution, is double the average in G20 countries and major economic nations,” he stated.

The PIF Private Sector Forum continues to serve as a vital platform for businesses and investors to engage with Saudi Arabia’s evolving economic landscape, reinforcing the country’s commitment to long-term growth and diversification.


The future of tourism: 5.3 billion people expected to travel

The future of tourism: 5.3 billion people expected to travel
Updated 6 min 25 sec ago
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The future of tourism: 5.3 billion people expected to travel

The future of tourism: 5.3 billion people expected to travel
  • Session highlighted the shift from traditional sightseeing to immersive cultural and sporting experiences

DUBAI: The future of tourism is set to witness unprecedented growth with an estimated 5.3 billion people expected to travel globally in coming years, industry leaders told the World Governments Summit on Wednesday.

During a session called “What role do governments play in shaping cultural tourism policies?” the panel emphasized tourism was no longer solely about destinations but also experiences, something future governments should pursue.

Aymen Moayed, secretary-general of the Supreme Council for Youth and Sports in Bahrain, highlighted the shift from traditional sightseeing to immersive cultural and sporting experiences.

“People are spoiled for choice, so it’s now about the experience,” he said, adding that sports, culture and entertainment were central to this transformation.

Nasser Al Khater, CEO of FIFA World Cup Qatar, echoed the sentiment, emphasizing that sports had become key entertainment drivers competing for global attention.

“It’s all about creating memorable experiences. Countries have one shot to build a lasting reputation,” he said.

Gillian Tans, former chairwoman and CEO of Booking.com, shed light on the sheer scale of the industry.

“In 1950, there were 25 million tourist arrivals. Last year, it was 1.3 billion. With remote work and digital lifestyles, we expect this number to soar,” she said.

Tans emphasized the rising demand for authentic, personalized and sustainable travel experiences, pointing to the growing importance of smart, seamless digital solutions.

The session also underlined the need for industry collaboration.

“We either all make it or fail,” Moayed asserted, highlighting that seamless integration across sectors from hospitality to transport was crucial. He added that governments also played a pivotal role in managing over-tourism and developing sustainable infrastructure.

“In essence, the future of tourism is an interconnected ecosystem where experiences, technology and sustainability converge to meet the evolving desires of global travelers,” he said.


Closing Bell: Saudi main index closes in red at 12,385 

Closing Bell: Saudi main index closes in red at 12,385 
Updated 12 min 4 sec ago
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Closing Bell: Saudi main index closes in red at 12,385 

Closing Bell: Saudi main index closes in red at 12,385 

RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Wednesday, losing 38.62 points, or 0.31 percent, to close at 12,385.70. 

The total trading turnover of the benchmark index was SR5.61 billion ($1.49 billion), as 52 of the listed stocks advanced, while 184 retreated. 

The MSCI Tadawul Index decreased by 3.62 points, or 0.23 percent, to close at 1,540.24. 

The Kingdom’s parallel market Nomu dipped, losing 266.72 points, or 0.84 percent, to close at 31,303.60. This came as 28 of the listed stocks advanced, while 52 retreated. 

The best-performing stock was Fawaz Abdulaziz Alhokair Co., with its share price surging by 5.48 percent to SR16.54. 

Other top performers included Abdullah Saad Mohammed Abo Moati for Bookstores Co., which saw its share price rise by 3.35 percent to SR41.65, and National Gas and Industrialization Co., which saw a 3.03 percent increase to SR115.60. 

The greatest decliner of the day was Allied Cooperative Insurance Group, with its share price dropping 4.21 percent to SR17.28. 

The Power and Water Utility Co. for Jubail and Yanbu saw a fall, with its shares dropping 3.66 percent to SR48.75, while Buruj Cooperative Insurance Co. saw a fall of 3.63 percent to SR22.28. 

On the announcements front, Americana Restaurants International PLC — Foreign Co. reported its 2024 annual financial results, posting a net profit of SR595.3 million, a 38.8 percent decline from the previous year. 

In a statement on Tadawul, the company said the dip was “impacted by lower adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), and increased depreciation charges on account of new store openings and corporate tax implementation in the UAE.” 

In Wednesday’s trading session, the company’s share price remained stable at SR2.62. 

Moreover, Abdullah Al Othaim Markets Co. shared its interim financial results for the period on Dec. 31 with net profits amounting to SR286.4 million, reflecting a 72.8 percent surge compared to the same period in the previous year. 

The firm attributed the surge in profits to a 2.61 percent growth in its sales with higher profit margins and improved rental revenues. The Tadawul statement said that this growth came in addition to the increase in the company share of associates’ profits, where it realized about SR161.3 million from the initial public offering of the Fourth Milling Co. 

The shares of Abdullah Al Othaim Markets Co. traded 0.38 percent lower on the main market today to close at SR10.52. 

In another announcement, Saudi Electricity Co. said that it has completed a $2.75 billion dual-tranche Sukuk offering under its international sukuk issuance program. 
 
According to a release on the Saudi Exchange, the offering included a $1.5 billion first tranche and a $1.25 billion second tranche designated as a green sukuk. 

The US dollar-denominated senior unsecured sukuk carries returns of 5.23 percent per annum for the five-year tenor and 5.49 percent per annum for the 10-year green sukuk tranche. 

Each sukuk unit has a par value of $200,000, with a total issuance of 13,750 units. The sukuk will be listed on the London Stock Exchange and offered exclusively outside the US.

In Wednesday’s trading session, the company’s shares traded 0.46 percent lower on the main market to close at SR17.14. 


PIF’s TASARU partners with Bahri and Mosolf Group to strengthen automotive logistics

PIF’s TASARU partners with Bahri and Mosolf Group to strengthen automotive logistics
Updated 57 min 38 sec ago
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PIF’s TASARU partners with Bahri and Mosolf Group to strengthen automotive logistics

PIF’s TASARU partners with Bahri and Mosolf Group to strengthen automotive logistics

RIYADH: TASARU Mobility Investments, a subsidiary fully owned by Saudi Arabia’s Public Investment Fund, has partnered with Bahri and Mosolf Group to create a joint venture to strengthen the automotive logistics sector in the Kingdom.

In an interview with Arab News at the Private Sector Forum in Riyadh on Feb. 12, TASARU CEO Michael Mueller explained that this collaboration is a strategic investment to meet the growing demand in the automotive and mobility industries, particularly in the electric vehicle  market.

The partnership aligns with Saudi Arabia’s broader Vision 2030 initiative, which aims to position the Kingdom as a global logistics hub while helping to achieve its net-zero emissions goals by promoting the adoption of EVs.

The joint venture is designed to provide innovative and comprehensive logistics solutions that are tailored to the specific needs of the automotive and mobility sectors in Saudi Arabia.

Commenting on the deal signed with Bahri and Mosolf Group, Mueller said: “It is more of a cooperation joint venture here on the ground to establish logistics services, in respect of, specifically more or less toward electrification and EV cars. So, finally, we have cooperation with two partners who are experienced in the local workforce and marine logistics.  So, this is a great opportunity to lift the logistics sector, specifically in the area of electric vehicles to the next level.”

Under the terms of the agreement, TASARU’s primary responsibility will be to provide crucial capital, enabling access to the local market and enhancing the capacity of automotive companies to manage their operations efficiently within the Kingdom, while addressing market demand effectively.

Bahri will oversee shipping operations, leveraging its extensive maritime logistics experience and local market knowledge, while Mosolf Group will contribute technical expertise drawn from its European automotive logistics operations.

Mueller also disclosed that the new joint venture’s operations are set to begin by mid-2026 in King Abdullah Economic City.

“All investments we are doing always have this local anchor at the end. So we want to bring new technologies, like autonomous technologies but also focus on these logistic services,” he said.  

He further emphasized that the joint venture will create more job opportunities for young Saudi professionals.

In a separate press release, TASARU stated that the formation of the joint venture aims to address the fragmented automotive logistics landscape in Saudi Arabia by providing comprehensive end-to-end solutions that align with key Vision 2030 objectives.

It also highlighted that the joint venture will contribute to industrial growth and enhance infrastructure to support local manufacturing, as well as the import and export of vehicles, through the development of critical logistics infrastructure.

Talking about the vitality of strengthening the logistics sector in Saudi Arabia’s automotive sector, Mueller said: “Now logistics is always a key topic. You can have factories, you can have suppliers around. If logistics is not established, then the pieces are not moving more or less as fast as they should have. So this is the reason why we went into this joint venture.” 

Mueller added that the future of mobility in Saudi Arabia could be driven by autonomous vehicles and electrification, as well as the usage of hydrogen as a fuel in heavy trucks. 

Talking about the future plans of TASARU in Saudi Arabia, Mueller said: “Here, our full priority right now is to go heavily into the localization supplier business. This is more or less our first pillar, our main pillar right now. So, here we talk to a lot of suppliers like Ceer or Lucid.”


Saudi Arabia’s PIF offers $10.67bn investment opportunities to strengthen local industries  

Saudi Arabia’s PIF offers $10.67bn investment opportunities to strengthen local industries  
Updated 33 min 13 sec ago
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Saudi Arabia’s PIF offers $10.67bn investment opportunities to strengthen local industries  

Saudi Arabia’s PIF offers $10.67bn investment opportunities to strengthen local industries  

RIYADH: Saudi Arabia’s Public Investment Fund is offering SR40 billion ($10.67 billion) in investment opportunities through its private sector platform to strengthen local industries, supply chains, and business growth, its governor said. 

Speaking at the third PIF Private Sector Forum in Riyadh, Yasir Al-Rumayyan highlighted that the Kingdom’s sovereign wealth fund and its portfolio companies have invested around SR400 billion into local content from 2020 to 2023, supported by the MUSAHAMA Local Content Development Program. 

With assets exceeding $700 billion, PIF plays a central role in Saudi Arabia’s economic diversification under Vision 2030. Al-Rumayyan emphasized that sustainable growth is driven by regulatory reforms and economic diversification efforts, with PIF serving as a key enabler. 

The fund’s governor said that partnerships with private firms remain essential to PIF’s strategy, as Saudi Arabia continues regulatory reforms to foster long-term economic growth. 

According to Al-Rumayyan, the fund’s efforts have significantly increased local content contribution, raising its share from 47 percent to 53 percent across PIF and its subsidiaries. 

During his keynote speech, Jerry Todd, head of the National Development Division at PIF, addressed the 10,000 private sector attendees, emphasizing that the forum is designed to provide critical information and access to three major opportunity areas.  

“For suppliers, there are 100 PIF portfolio companies next door in the main hall, ready to discuss their procurement priorities and show you how you can register and qualify as a vendor,” Todd said. 

He added: “For supply chain developers, we will have dedicated sessions on automotive, transportation, and logistics, and for investors, 14 PIF portfolio companies will be sharing opportunities over the next two days.” 

Todd also provided updates on two recently launched initiatives aimed at empowering Saudi talent.   

“The first, which the governor mentioned, is our Accelerated Manufacturing Program. Thirteen small and medium enterprises were selected from 350 applicants for a six-month intensive program that began last September,” he said. 

Todd added: “They will graduate tomorrow and have already secured 12 commercial agreements and two product development agreements with PIF portfolio companies. Seven private sector MoUs will be signed over the next two days, and they have tapped into seven new export markets.”  

Highlighting the second initiative, Todd introduced the MUSAHAMA Design Competition, stating: “373 Saudi architectural students and 160 emerging local design firms have been competing to reimagine a community zone within one of our ROSHN developments, focusing on maximizing the use of locally sourced building materials.” 

Todd said that the forum serves as a platform for businesses to explore opportunities in three key areas: supplying goods and services to PIF portfolio companies, developing local tech-enabled supply chains to support emerging sectors, and investing in Saudi Arabia’s rapidly expanding economy.  

“I encourage you to meet with participants from both of these programs. Their progress, their potential, and their energy are inspiring and remind us all of our young people, who are our nation’s greatest asset,” Todd said. 

He concluded by urging the private sector to collaborate in stimulating local demand, expanding domestic supply chains, and creating investment opportunities across the Kingdom.