Former Kuwait Airways CEO appointed Mideast industry leader

Al-Awadhi will succeed Muhammad Albakri as IATA’s regional vice president for AME from March 1, 2021. (File/AFP)
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Updated 23 December 2020
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Former Kuwait Airways CEO appointed Mideast industry leader

  • Al-Awadhi was CEO of Kuwait Airways from November 2018 to August this year

DUBAI: The International Air Transport Association (IATA) has appointed Kamil H. Al-Awadhi, former CEO of Kuwait Airways, as its regional representative responsible for Africa and the Middle East (AME).

Al-Awadhi will succeed Muhammad Albakri as IATA’s regional vice president for AME from March 1, 2021.

Albakri is moving to take up a new role as IATA’s senior vice president for customer, financial and digital services.

Al-Awadhi was CEO of Kuwait Airways from November 2018 to August this year. He spent over three decades with the airline, holding positions in areas such as safety, security, quality management and enterprise resource planning. He will be based in IATA’s regional office in Amman, Jordan.

“Kamil is an industry veteran who brings a tremendous depth of airline expertise and regional experience. These will be critical in leading IATA’s activities in the AME region at this very challenging time,” said Alexandre de Juniac, IATA’s director general and CEO.

“As a former CEO, he knows what member airlines expect of IATA. And, I have no doubt that Kamil has the skills and determination to exceed those expectations as we aim to reconnect the world amid the coronavirus pandemic.”

Al-Awadhi said: “I look forward to getting started at IATA. Like all regions, AME will need a strong air transport industry to kick-start the economic recovery from COVID-19.”

He added: “The priority to revive aviation is clear and IATA is at the center of this effort. There is no time to waste. We must help governments to re-open borders without quarantine, and we need to ensure that the industry is ready to safely scale-up operations and implement the global standards that will keep passenger and crew safe during the pandemic and beyond.”

Last month, IATA said Saudi Arabia and the wider Middle East will feel the damaging economic impact of the pandemic on the aviation sector for many years to come.

IATA has forecast that global airlines will lose a total of $157 billion this year and next, with those in the Middle East set for 2020 losses of $7.1 billion and $3.3 billion in 2021.


Silver crosses $77 mark while gold, platinum stretch record highs

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Silver crosses $77 mark while gold, platinum stretch record highs

  • Spot silver touched an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits
  • Spot platinum rose 9.8% to $2,437.72 per ounce, while palladium surged 14 percent to $1,927.81, its highest level in over 3 years

Silver breached the $77 mark for the first time on Friday, while gold and platinum hit record highs, buoyed by expectations of US Federal Reserve rate cuts and geopolitical tensions that fueled safe-haven demand.

Spot silver jumped 7.5% to $77.30 per ounce, as of 1:53 p.m. ET (1853 GMT), after touching an all-time high of $77.40 earlier today, marking a 167% year-to-date surge driven by supply deficits, its designation ‌as a US ‌critical mineral, and strong investment inflows.

Spot gold ‌was ⁠up ​1.2% at $4,531.41 ‌per ounce, after hitting a record $4,549.71 earlier. US gold futures for February delivery settled 1.1% higher at $4,552.70.

“Expectations for further Fed easing in 2026, a weak dollar and heightened geopolitical tensions are driving volatility in thin markets. While there is some risk of profit-taking before the year-end, the trend remains strong,” said Peter Grant, vice president and senior metals strategist ⁠at Zaner Metals.

Markets are anticipating two rate cuts in 2026, with the first likely ‌around mid-year amid speculation that US President Donald ‍Trump could name a dovish ‍Fed chair, reinforcing expectations for a more accommodative monetary stance.

The US ‍dollar index was on track for a weekly decline, enhancing the appeal of dollar-priced gold for overseas buyers.

On the geopolitical front, the US carried out airstrikes against Daesh militants in northwest Nigeria, Trump said on Thursday.

“$80 in ​silver is within reach by year-end. For gold, the next objective is $4,686.61, with $5,000 likely in the first half of next ⁠year,” Grant added.

Gold remains poised for its strongest annual gain since 1979, underpinned by Fed policy easing, central bank purchases, ETF inflows, and ongoing de-dollarization trends.

On the physical demand side, gold discounts in India widened to their highest in more than six months this week as a relentless price rally curbed retail buying, while discounts in China narrowed sharply from last week’s five-year highs.

Elsewhere, spot platinum rose 9.8% to $2,437.72 per ounce, having earlier hit a record high of $2,454.12 while palladium surged 14% to $1,927.81, its highest level in more than three years.

All precious ‌metals logged weekly gains, with platinum recording its strongest weekly rise on record.