Saudi aviation sector records 11% growth in flight numbers in Q2

According to a report by Cluster 2, flights in the second quarter of the year increased from 30,898 to 34,326 on an annual basis with passengers rising from 3.16 million to 3.7 million, a 17 percent year-on-year growth. (Shutterstock)
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Updated 12 July 2023
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Saudi aviation sector records 11% growth in flight numbers in Q2

RIYADH: With the introduction of several new routes, Saudi Arabia’s aviation sector witnessed an 11 percent growth in the number of flights in the second quarter of 2023 compared to the same period last year, according to a report by Cluster 2, a Riyadh-based firm that manages and operates 22 airports around the Kingdom.  

The report indicated that flights in the second quarter of the year increased from 30,898 to 34,326 on an annual basis with passengers rising from 3.16 million to 3.7 million, a 17 percent year-on-year growth.  

The report stated that the average daily flights for the second quarter were 377, with an average daily passenger count of 40,759.  

This is also marks an increase from the figures of 2022 which recorded 340 daily flights with 34,789 passengers, a 7 and 13 percent growth, respectively.  

New routes have been established in the second quarter of the year, with operations being started on Jazan-Cairo, Al Jowf-Tbilisi, Jazan-Dubai and Al Qassim-Istanbul routes as well as Al Qassim-Trabzon and Al Qassim-Tbilisi sectors.   

According to the latest report released by the General Authority of Civil Aviation in May, the number of passengers jumped to 35.8 million in the first four months of 2023, up from 25.3 million during the same period last year.  

The Kingdom’s airports also witnessed a marked increase in air traffic during 2023 compared to pre-pandemic levels, growing at a rate of 6.2 percent compared to the same period in 2019.  

On the domestic front, the number of passengers increased by 6.7 percent in the first four months of 2023, reaching 16.3 million, up from 15.3 million during the same period last year, the GACA report stated.  

The number of passengers on international flights showed a remarkable jump, surging by 95.5 percent to 19.5 million, up from 10 million passengers in the same period last year.  

Established in 2013, Cluster 2 is a subsidiary of Matarat Holding which manages 27 airports around the Kingdom.  

Matarat aims to develop the Kingdom’s aviation sector and improve the performance of its airports through its subsidiaries.  

Riyadh Airports Co., Jeddah Airports Co. and Dammam Airports Co. are also under Matarat’s umbrella. 


Qatar lists first green sukuk as Al Rayan raises $137m 

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Qatar lists first green sukuk as Al Rayan raises $137m 

RIYADH: Qatar Stock Exchange listed its first green sukuk after Al Rayan Bank raised 500 million Qatari riyals ($137 million), expanding the range of sustainable Islamic finance instruments in the market. 

The three-year sukuk carries an annual profit rate of 4.25 percent and is listed on QSE’s debt market, according to Qatar News Agency. The issuance is the first green sukuk in Qatar’s financial market and the first by an entity registered with the Qatar Financial Centre to be locally listed, cleared and settled. 

The listing reflects efforts to deepen Qatar’s debt market and broaden access to Shariah-compliant instruments aligned with environmental, social and governance standards as investor demand for sustainable assets grows globally. 

Abdullah Mohammed Al-Ansari, CEO of QSE, said: “The listing of the first green sukuk in QSE’s history represents a significant milestone in the development of Qatar’s capital market. It reflects our commitment to expanding the range of sustainable, Shariah-compliant financing instruments and enhancing the depth and diversity of the debt market in line with global best practices.”  

He added: “This achievement also underscores QSE’s role as an integrated platform capable of supporting innovative financing solutions that align with national development priorities and long-term sustainability goals.” 

Al Rayan Bank CEO Fahad Abdullah Al-Khalifa said the issuance underscores the lender’s ambition to lead in ESG-linked Islamic finance while strengthening the domestic capital markets infrastructure. 

“By offering the first green sukuk to be listed, cleared, and settled in Qatar, we are not only reinforcing our role as a forward-looking institution but also contributing to the development of the local capital markets infrastructure,” he added.  

Al Rayan Bank said the issuance reflects its ambition to play a leading role in advancing Qatar’s sustainable finance ecosystem by aligning Islamic banking principles with financing structures designed to deliver long-term value. 

The listing comes amid continued development of QSE’s debt market, which has recently introduced inaugural corporate bonds, Islamic sukuk and sustainable bonds. 

The green sukuk provides investors with a tradable Shariah-compliant asset that combines financial returns with environmental objectives, supporting portfolio diversification while reinforcing sustainability standards in the local market.