NEOM Airlines set for take-off by end of 2024, CEO reveals

The $500 billion NEOM megaproject is set to transform the Kingdom’s northwest Red Sea coast to a high-tech hub (NEOM)
Short Url
Updated 24 March 2023
Follow

NEOM Airlines set for take-off by end of 2024, CEO reveals

RIYADH: A dedicated airline for Saudi Arabia’s futuristic city NEOM will take to the skies by the end of 2024, the carrier’s CEO has revealed.

Writing in a blog post, Klaus Goersch set out an ambitious vision for NEOM Airlines, promising that passengers will receive “a completely different travel experience”.

Goersch, who has previously served as chief operating officer of British Airways and Air Canada, argued the new service will be “futuristic and efficient”, adding: “I can honestly say the opportunity here is way beyond anything else out there.”

The development of the airline comes as Saudi Arabia seeks to boost its aviation sector, with Crown Prince Mohammed bin Salman earlier this month announcing a new carrier, Riyadh Air, which will benefit from a $37 billion aircraft deal with US firm Boeing.

In his blog post, Goersch painted his vision for NEOM Airlines as he set out the “new future” for air travel.

He said: “Just imagine if your bags were collected from your home or office and delivered to the hotel or residence you were going to. 

“Imagine if biometrics were advanced enough to recognize you via facial recognition as soon as you walked in a building, security clearing you for travel without the need for even going through a gate – let alone having to bother with a visa. 

“And just imagine the time of your meeting changed by a few hours and you were able to change your flight to a later one, without hassle or cost. 

“Better still, imagine you are collecting loyalty points at the airport – where the whole place is lounge-style service – as well as while flying and when using the facilities in your destination, because everything is owned by the same company.”

Goersch went on to say the airline will initially retrofit existing aircraft in order to get the carrier up and running, before shifting to new planes. 

“Come 2026 onwards, there will be new innovative aircraft – whether it be electric, hydrogen-powered or supersonic – and next-generation interiors coming online from us. We are already in discussions with plane, interior and seat manufacturers,” he wrote.

In keeping with NEOM’s pledge to be environmentally-friendly Goersch said the airline’s ambition is for every flight to have “ some sustainable fuel onboard” originating from mixing facilities at NEOM. 

He added: “Sustainability will even stretch into the catering, with foods sourced locally from here and delivered via on-demand dining at a time when you actually feel like eating. 

“We will look at every single component right down to the carpets and single-use plastics. 

“Little things like this will accumulate and add up to more than the sum of their parts.”

The $500 billion NEOM megaproject is set to transform the Kingdom’s northwest Red Sea coast to a high-tech hub.


Dubai Financial Market reports $288.6m profit for 2025 - up 159%

Updated 4 sec ago
Follow

Dubai Financial Market reports $288.6m profit for 2025 - up 159%

RIYADH: Dubai Financial Market reported net profit before tax of 1.06 billion dirhams ($288.6 million) in 2025, up 159 percent from a year earlier.

The improved performance was driven by sustained confidence in Dubai’s capital markets and a year of heightened trading activity, with momentum continuing through the fourth quarter.

The results coincided with the exchange marking 25 years since its establishment in 2000, highlighting its evolution into a more globally connected and institutionally active marketplace, according to a report by the Emirates News Agency. 

For the full year ending Dec. 31, total consolidated revenues rose to 1.28 billion dirhams, while earnings before interest, tax, depreciation and amortization reached 1.13 billion dirhams, translating into an EBITDA margin of 88 percent. 

The results come as Dubai pushes ahead with its D33 agenda to double the emirate’s economy by 2033 and deepen its position as a global financial hub. 

The UAE central bank has pointed to solid capital markets momentum and low sovereign risk indicators in 2025, underscoring the confidence backdrop for higher trading activity. 

Helal Al-Marri, chairman of DFM, said: “DFM’s performance in 2025 reflects the continued strength of Dubai’s capital markets and the confidence of global investors in the emirate’s economic vision.

“As we mark 25 years since the establishment of DFM, the exchange continues to play a central role within Dubai’s financial ecosystem, supporting transparency, liquidity, and long-term market development in line with the Dubai Economic Agenda D33.” 

Fourth-quarter net profit before tax increased to 124.4 million dirhams from 110.6 million dirhams in the same period of 2024, reflecting sustained trading momentum toward year-end. 

Market performance remained strong throughout the year, with the DFM General Index rising 17.2 percent and total market capitalization reaching 992 billion dirhams. 

Average daily traded value climbed to 692 million dirhams, while total traded value amounted to 174 billion dirhams, marking the highest liquidity levels in more than a decade. 

The average daily number of trades rose 31 percent year on year, driven by increased institutional and cross-border activity. 

Hamed Ali, CEO of DFM and Nasdaq Dubai, said: “In 2025, DFM continued to build on the progress of recent years, supported by steady trading activity, growing international participation, and ongoing enhancements to our market infrastructure.” 

He added: “Our focus throughout the year remained on improving market accessibility, supporting a broad range of investment activity, and ensuring the market continues to operate efficiently for both issuers and investors. As we mark 25 years of DFM, we remain committed to developing the market in line with Dubai’s long-term capital markets ambitions.”

Investor participation broadened further during the year, with 97,394 new participants joining the market, of which 84 percent were foreign. 

Foreign investors accounted for 51 percent of total trading value, while institutional investors represented 71 percent of trading activity. 

The total investor base reached 1.25 million, reinforcing DFM’s position as a destination for regional and international capital. 

Capital-raising activity also expanded DFM’s sectoral footprint. 

The exchange hosted Dubai Residential REIT, the region’s first publicly traded residential leasing real estate investment trust, which attracted subscriptions 26 times over and total demand of 56 billion dirhams.

It also saw the secondary public offering of Emirates Integrated Telecommunications Co., alongside the initial public offering of ALEC Holdings, the UAE’s largest construction-sector listing to date, which generated subscriptions of 30 billion dirhams, representing an oversubscription of 21 times. 

Innovation and market development remained a focus in 2025, with the launch of a centralized securities lending and borrowing framework and further enhancements to digital platforms, including AI-enabled features on iVestor. 

DFM also strengthened its international engagement through global roadshows and partnerships, including a memorandum of understanding with the Taiwan Stock Exchange aimed at supporting cross-border listings and investor outreach. 

Looking ahead, the exchange said it remains focused on enhancing liquidity, expanding product offerings, and deepening global connectivity, supported by a strong financial position and a diversified investor base.