Air France suspends flights to Riyadh

Air France will no longer operate flights from Paris to Riyadh after Feb. 1 because of ‘economic performance.’ (Reuters)
Updated 10 January 2019
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Air France suspends flights to Riyadh

  • Saudia will continue flights between the French and Saudi capitals and will honor Air France tickets booked before the announcement
  • Air France: Due to the economic performance and in view of the cooperation with Saudi Arabian Airlines on this route, the Air France-operated flights will be suspended

LONDON: Air France is stopping all flights to Riyadh from next month, according to a statement from the carrier.

The French airline will no longer operate flights from Paris to Riyadh after Feb. 1 because of “economic performance,” it said.

However, partner airline Saudi Arabian Airlines (Saudia) will continue flights between the French and Saudi capitals and will honor Air France tickets booked before the announcement.

A statement from the French airline said, “Air France has decided to suspend its direct flights to Riyadh, Saudi Arabia as of Feb. 1, 2019 and continues the cooperation with Saudi Arabian Airlines on the Riyadh-Paris route.

“Due to the economic performance and in view of the cooperation with Saudi Arabian Airlines on this route, the Air France-operated flights will be suspended. The last flight will take off from Paris Charles de Gaulle (CDG) on Jan. 31, 2019 and will return from Riyadh King Khalid International Airport (RUH) on Feb. 1, 2019.

“Passengers with a ticket for a flight from Paris to Riyadh or vice-versa after Feb. 1, 2019 will be rebooked on flights of Saudi Arabian Airlines or financially compensated.”


Saudi banks, Dubai shares give Gulf markets a timely boost

Updated 24 January 2019
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Saudi banks, Dubai shares give Gulf markets a timely boost

  • The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent
  • Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit

DUBAI: The Dubai stock market snapped a three-day losing streak on Wednesday, boosted by its financial and property shares, while Saudi Arabia rose on the back of its banks.
The Dubai index was up by 0.9 percent with Emirates NBD, its largest bank, adding 2.1 percent and its largest listed developer Emaar Properties gaining 2.2 percent. Gulf Arab economies are expected to grow at a slower pace than previously forecast, a quarterly Reuters poll of economists found, as oil output cuts, lower crude prices and weaker global growth put pressure on regional economies. Amlak Finance rose 2.2 percent after announcing a renegotiation of restructuring terms with its financiers to allow more flexibility in adapting to “current market conditions.” Nasdaq-listed DP World increased 0.7 percent after increasing its stake in its Australia unit.
The port operator will spend at least $250 million buying back some shares in its Australian port terminals unit. Saudi Arabia’s index rose 0.8 percent, with nine out of 10 banks rising.
Al Rajhi Bank was up 0.6 percent and Samba Financial Group closed 1.7 percent higher. Petrochemical investor Alujain added 1.5 percent after an update on the fire at its affiliate’s plant.
The company said it now expects the NATPET plant to start operating all units by the end of September.
The Egyptian blue-chip index was up 0.2 percent with its largest listed bank Commercial International Bank gaining 4.2 percent.
The Egyptian Exchange on Wednesday canceled all transactions made the previous day in local firms Sixth of October Development and Investment Company (SODIC) and Madinet Nasr for Housing and Development (MNHD).
The move followed SODIC’s decision against a takeover of MNHD and involved their shares being suspended on Wednesday as the bourse reset prices. Global Telecom Holding jumped by 10 percent before trading on its shares were suspended, pending a statement from the company after VEON Ltd, a major shareholder in the firm, said it was considering taking it private.