DUBAI: Emirates Group subsidiary dnata on Wednesday said it has signed an agreement to acquire Qantas’ catering business, subject to approval from Australia’s competition body.
The air services provider did not reveal the value of the commercial transaction, which will see Qantas’ Q Catering and Snap Fresh subsidiaries and their workers subsumed into the Dubai-based company’s operations.
Q Catering operates four flight kitchens in Australia - Sydney, Melbourne, Brisbane and Perth - while Snap Fresh based in Queensland specializes in providing frozen meals for airlines, healthcare and retail businesses.
“This agreement reflects our confidence in Australia as a market and the ongoing growth potential into the future,” dnata’s Divisional Senior Vice President of catering, Robin Padgett said.
“By combining dnata’s network strength and international talent with Qantas’ domestic catering expertise, this will allow us to further grow our presence and deliver catering excellence to more customers across Australia than ever before. This includes investing in more infrastructure, starting with a new catering facility in Sydney.”
Under the agreement, dnata will supply catering for Qantas flights for an initial period of ten years, and Qantas will continue to work with key suppliers in menu design and development.
dnata already operates 11 catering facilities in Australia under its catering brand, which recently rebranded from Alpha Flight Services, and employs more than 4,000 people there through its catering, cargo and ground handling businesses.
Dubai’s dnata to acquire Qantas’ catering business
Dubai’s dnata to acquire Qantas’ catering business
Saudi Arabia’s foreign reserves rise to a 6-year high of $475bn
RIYADH: Saudi Arabia’s foreign reserves climbed 3 percent month on month in January to SR1.78 trillion, up SR58.7 billion ($15.6 billion) from December and marking a six-year high.
On an annual basis, the Saudi Central Bank’s net foreign assets rose by 10 percent, equivalent to SR155.8 billion, according to data from the Saudi Central Bank, Argaam reported.
The reserve assets, a crucial indicator of economic stability and external financial strength, comprise several key components.
According to the central bank, also known as SAMA, the Kingdom’s reserves include foreign securities, foreign currency, and bank deposits, as well as its reserve position at the International Monetary Fund, Special Drawing Rights, and monetary gold.
The rise in reserves underscores the strength and liquidity of the Kingdom’s financial position and aligns with Saudi Arabia’s goal of strengthening its financial safety net as it advances economic diversification under Vision 2030.
The value of foreign currency reserves, which represent approximately 95 percent of the total holdings, increased by about 10 percent during January 2026 compared to the same month in 2025, reaching SR1.68 trillion.
The value of the reserve at the IMF increased by 9 percent to reach SR13.1 billion.
Meanwhile, SDRs rose by 5 percent during the period to reach SR80.5 billion.
The Kingdom’s gold reserves remained stable at SR1.62 billion, the same level it has maintained since January 2008.
Saudi Arabia’s foreign reserve assets saw a monthly rise of 5 percent in November, climbing to SR1.74 trillion, according to the Kingdom’s central bank.
Overall, the continued advancement in reserve assets highlights the strength of Saudi Arabia’s fiscal and monetary buffers. These resources support the national currency, help maintain financial system stability, and enhance the country’s ability to navigate global economic volatility.
The sustained accumulation of foreign reserves is a critical pillar of the Kingdom’s economic stability. It directly reinforces investor confidence in the riyal’s peg to the US dollar, a foundational monetary policy, by providing SAMA with ample resources to defend the currency if needed.
Furthermore, this financial buffer enhances the nation’s sovereign credit profile, lowers national borrowing costs, and provides essential fiscal space to navigate global economic volatility while continuing to fund its ambitious Vision 2030 transformation agenda.
