Saudi restoration of international connectivity is key for saving jobs, GDP losses: IATA

Saudi Arabia's aviation industry supported almost 1 million jobs in 2019 before the pandemic struck. (Supplied)
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Updated 25 August 2021
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Saudi restoration of international connectivity is key for saving jobs, GDP losses: IATA

  • Pandemic has put 361,000 jobs and SR85 billion of GDP at risk
  • Passenger numbers not expected to return to pre-pandemic levels until 2024

RIYADH: The International Air Transport Association (IATA) welcomed measures taken by Saudi Arabia to revive the aviation industry as it battles to save more than a quarter of a million related jobs in the Kingdom amid a downturn in travel due to the pandemic.

In 2019, Saudi Arabia’s aviation sector supported 977,000 jobs and SR240 billion ($64 billion) of GDP, IATA said in a statement. The pandemic has put 361,000 of those jobs and SR85 billion of GDP at risk, while passenger demand is not expected to return to 2019 levels before 2024, it said.

The measures Saudi Arabia has taken include: opening up the Kingdom for tourists; removing quarantine for vaccinated travelers; expanding the facilitation of religious traffic to the holy cities; reinstating visa processing for international passengers; enhancing systems and health measures across all airports.

“We welcome the recent steps taken by the Kingdom of Saudi Arabia to restore air travel and enhance the passenger experience during a challenging time for aviation,” said Kamil Al Awadhi, IATA’s regional vice president for Africa and Middle East. “Saudi Arabia recognizes aviation as a catalyst for economic growth and modernization, and we are pleased to see the Kingdom’s continued prioritization of aviation as a key to achieving Vision 2030.”

“After more than one year of border closures, the kick-off of the National Aviation Strategy will bring to life plans to triple the number of passengers to the Kingdom and fly to 250 destinations,” he said.


Second firm ends DP World investments over CEO’s Epstein ties

Updated 11 sec ago
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Second firm ends DP World investments over CEO’s Epstein ties

  • British International Investment ‘shocked’ by allegations surrounding Sultan Ahmed bin Sulayem
  • Decision follows in footsteps of Canadian pension fund La Caisse

LONDON: A second financial firm has axed future investments in Dubai logistics giant DP World after emails surfaced revealing close ties between its CEO and Jeffrey Epstein, Bloomberg reported.

British International Investment, a $13.6 billion UK government-owned development finance institution, followed in the footsteps of La Caisse, a major Canadian pension fund.

“We are shocked by the allegations emerging in the Epstein files regarding (DP World CEO) Sultan Ahmed bin Sulayem,” a BII spokesman said in a statement.

“In light of the allegations, we will not be making any new investments with DP World until the required actions have been taken by the company.”

The move follows the release by the US Department of Justice of a trove of emails highlighting personal ties between the CEO and Epstein.

The pair discussed the details of useful contacts in business and finance, proposed deals and made explicit reference to sexual encounters, the email exchanges show.

In 2021, BII — formerly CDC Group — said it would invest with DP World in an African platform, with initial ports in Senegal, Egypt and Somaliland. It committed $320 million to the project, with $400 million to be invested over several years.