RIYADH: Saudi Arabia’s aviation sector’s efficiency and competitiveness are set to receive a boost thanks to the new economic regulations that are likely to be introduced.
The General Authority of Civil Aviation has put forward the draft economic regulations for airports on a survey platform between June 22 and July 20, according to a statement.
The regulations aim to support the sector’s rapid growth, enhance passenger experience and ensure transparency and fairness.
In addition, they stipulate that the Saudi government shall retain ownership of fixed assets such as lands on which the Kingdom’s airports are located.
The authority also indicated that the management of these assets could be granted to private entities through lease contracts, franchise rights or public partnerships.
The regulations added that the GACA would control the fees for nonnavigational and navigational services.
The fees for nonnavigational services include space rentals, airport facilities and airport technologies.
They also include baggage handling, public services — such as electricity, water, internet and air conditioning — and entry fees.
On the other hand, navigational services fees include the cost of using buildings and passenger facilities, landing and take-off fares and expenses for the security of passengers and aircraft.
These also entail bridge boarding charges and bus transport fares at the airport.
Furthermore, the regulations indicated that the airport operator must include detailed information on each consultation stage in the project investment file.
The operator must also share details about the method to predict cost escalation and the project’s expected impact on airport fees over the next five years.
In addition, the operator must submit the expected outcome of airport operations, service levels, user operations and future developments.
Lastly, the report must also factor in the principal risks involved in the comprehensive investment program.
The GACA’s vision is to create a safe and secure aviation environment by following the most rigorous international safety standards and building a modern airport system that offers consistently exceptional services.
GACA proposes draft economic regulations to improve aviation sector’s efficiency
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GACA proposes draft economic regulations to improve aviation sector’s efficiency
Closing Bell: Saudi main index closes in green at 10,917
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 4.86 points, or 0.04 percent, to close at 10,917.04.
The total trading turnover of the benchmark index was SR3.95 billion ($1.05 billion), as 102 of the listed stocks advanced, while 147 retreated.
The MSCI Tadawul Index increased, up 0.54 points, or 0.04 percent, to close at 1,467.06.
The Kingdom’s parallel market Nomu lost 85.41 points, or 0.36 percent, to close at 23,357.50. This comes as 19 of the listed stocks advanced, while 46 retreated.
The best-performing stock was Tourism Enterprise Co., with its share price surging by 10 percent to SR13.53.
Other top performers included Al Yamamah Steel Industries Co., which saw its share price rise by 8.64 percent to SR39.22, and Anaam International Holding Group, which saw a 4.05 percent increase to SR12.59.
Alramz Real Estate Co. saw its share price rising by 3.95 percent to close at SR61.85, while Umm Al Qura for Development and Construction Co. closed at SR18.08, marking a 3.67 percent increase in share price.
On the downside, the worst performer of the day was Saudi Industrial Export Co., whose share price fell by 3.72 percent to SR2.59.
ACWA Power Co. saw its share price fall 3.54 percent to SR177.20, while Naseej International Trading Co. declined 3.08 percent to SR29.56.
Moreover, the share price of Rabigh Refining and Petrochemical Co. dropped 2.95 percent to close at SR6.57, while Nice One Beauty Digital Marketing Co. saw its share price dropping 2.65 percent to SR17.97.
On the announcement front, Alinma Capital has declared a cash dividend distribution totaling SR6.55 million for unitholders of the Alinma Saudi Government Sukuk ETF Fund.
The dividend, covering the period from July to December, amounts to SR0.162 per unit and represents approximately 1.56 percent of the fund’s net asset value as of Jan. 15.
Its share price closed at SR10.42 on the main market, marking a 0.1 percent increase.
Also, Itmam Consultancy Co. has been awarded a significant project by the Digital Government Authority to develop digital investment skills within the public sector.
The contract, officially granted on Jan. 19, is valued at more than 5 percent of the company’s total 2024 revenue.
According to a statement, the program aims to equip government employees with the expertise needed to enhance digital government investment efficiency, focusing on software license development aligned with legal and technical standards.
Its share price remained unchanged on Nomu at SR16.40.
