Flydubai has announced its annual results for the period ending Dec. 31, 2019. The airline reported a total annual revenue of 6 billion dirhams ($1.6 billion), as opposed to 6.2 billion dirhams last year, a decrease of 2.6 percent compared to the same period the previous year. Flydubai reported a profit of 198.2 million dirhams.
Ghaith Al-Ghaith, chief executive of Flydubai, said: “We have had to manage a number of unprecedented issues faced by the aviation industry. Our results demonstrate that we have capitalized on the strong fundamentals in our business, but it is regrettable that our growth strategy has been significantly impacted by the grounding of the Boeing 737 Max.”
“Whilst 2019 has seen a return to profitability it does not reflect the loss of market position and the unfilled opportunities Flydubai could have exploited.”
Commenting on reaching an interim settlement agreement with Boeing, Al-Ghaith said: “We have concluded an interim settlement agreement with Boeing for certain compensation due to Flydubai in relation to the grounding of the Boeing 737 Max. The details of the interim settlement agreement remain confidential. This agreement has contributed toward this year’s results, but in no way can it compensate for the loss of business opportunity or market share experienced by the airline. Discussions are continuing between the parties regarding the ongoing impact of the grounding.”
Francois Oberholzer, chief financial officer of Flydubai, said: “We have had to be even more flexible with the abrupt interruption of our growth and fleet strategy. We have kept a firm grip on the business against the continued uncertainty created by the grounding. Direct operating costs reduced by 17.8 percent, whilst we saw double digit growth in our yields minimizing the reduction in revenue to 2.6 percent compared to a fall in capacity of 15.8 percent. Furthermore, we successfully refinanced our debut 2014 sukuk (Islamic bonds) during this financial year.”
The airline carried 9.6 million passengers in 2019.
Flydubai sees return to profitability in 2019
https://arab.news/jhezb
Flydubai sees return to profitability in 2019
PwC Middle East and Sirar by stc’s CISO500 program advances cyber leadership
The fifth edition of the CISO500 program ran from Feb. 8-12. Delivered in partnership between PwC Middle East and Sirar by stc, the program featured five intensive days of rich discussions and hands-on practical experiences, aimed at strengthening leadership capabilities in cybersecurity and keeping pace with rapid technological transformation.
The program is designed to develop the capabilities of executive cybersecurity leaders and enhance their strategic role in supporting organizations’ digital transformation. It equips participants to address contemporary challenges in the cyber landscape and expand their influence within decision-making ecosystems.
Yasser Al-Swailem, CEO of Sirar by stc, said that the program represents an important step toward strengthening the readiness of cyber leaders in the region. He noted that the CISO500 program is a fundamental pillar in the journey toward building a secure and trusted Saudi cyberspace aligned with national ambitions. He added that investing in national cybersecurity leadership is no longer optional but a strategic necessity for ensuring sustainable digital development. The program reflects a commitment to empowering national talent to lead the digital security landscape according to the highest global standards.
He further emphasized that such initiatives contribute to strengthening digital security ecosystems and enabling organizations to confidently and sustainably address future challenges.
Samer Omar, cybersecurity and digital trust leader at PwC Middle East, added: “CISO500 is a long-term investment in Saudi leadership. Over the past year, we’ve seen how bringing together senior Saudi cybersecurity professionals in a structured executive environment accelerates capability, builds confidence and deepens collaboration. As the program enters its second year, our focus remains on equipping Saudi CISOs with the strategic perspective and technical depth required to secure the Kingdom’s digital ambitions.”
The program addressed a range of advanced topics, including common cyber transformation pitfalls, mechanisms for securing enterprise digital transformation, and cybersecurity budgeting and financial governance. These topics enhanced leaders’ ability to translate cyber risks and security investments into financial indicators that support executive decision-making.
It also covered the latest technological developments, particularly artificial intelligence, emerging technologies, quantum computing, and the protection of critical and operational infrastructure. Emphasis was placed on the importance of security governance for AI technologies and strengthening enterprise-wide risk management perspectives associated with them.
The program adopted an interactive learning methodology combining strategic discussions, collaborative work, and creative practical exercises, contributing to a deeper understanding of concepts and enabling their translation into applicable organizational practices.
Abdullah Al-Asmari, global cybersecurity director at the Saudi Research and Media Group and one of the program participants, said that the experience added significant strategic and practical value: “The program provided a rich experience that strengthened the leadership perspective of cybersecurity, particularly in linking technical practices with strategic and financial dimensions within the organization. It also offered valuable space for exchanging expertise on emerging technologies such as AI and quantum computing, and the challenges of securing critical infrastructure. This experience enhances cyber leaders’ ability to adopt a more influential role in supporting digital transformation and enabling decision-making based on a comprehensive understanding of risk and value.”
He added that the program facilitated the exchange of insights on emerging challenges and strengthened the ability to align cybersecurity with institutional objectives and executive decision requirements.
Participants said that the program constituted a valuable professional and knowledge-driven experience that enhanced the readiness of cyber leaders to keep pace with rapid digital transformation, reinforcing cybersecurity’s role as a strategic enabler that supports innovation while preserving business trust, reliability, and sustainability.
