Qatar Airways has expressed interest in launching an airline registered in Saudi Arabia.
According to an official statement issued yesterday, Chief Executive Officer Akbar Al-Baker held talks with General Authority of Civil Aviation (GACA) President Prince Fahd bin Abdullah Al-Saud and discussed opportunities arising from the Kingdom’s newly-launched aviation liberalization policy.
“With a market that is underserved and keen for greater domestic air services, the Kingdom represents a key growth area,” said Al-Baker.
However, he expressed reservations on excessive fuel charges in the Kingdom and the government’s policy of controlling domestic airfares.
According to him, capping airfares will make it difficult for airlines to operate commercially.
Qatar Airways has seen rapid growth in just 15 years of operation, currently operating a modern fleet of 109 aircraft to 117 key business and leisure destinations across Europe, Middle East, Africa, Asia Pacific, North America and South America from its Doha hub.
Since the beginning of the year, Qatar Airways has launched flights to Baku (Azerbaijan); Tbilisi (Georgia); Kigali (Rwanda); Zagreb (Croatia), Erbil (Iraq), Baghdad (Iraq) and Perth (Australia), with many more new destinations planned during 2012.
Qatar Airways keen to launch domestic airline in Kingdom
Qatar Airways keen to launch domestic airline in Kingdom
Closing Bell: Saudi equity markets end year in green at 10,491
RIYADH: Saudi equities ended Wednesday’s session higher, with the Tadawul All Share Index rising 109.18 points, or 1.05 percent, to close at 10,490.69, supported by broad-based buying across the main market.
Gains were mirrored in the blue-chip MT30 index, which added 9.31 points, or 0.68 percent, to finish at 1,387.31. The Nomu Parallel Market also advanced, climbing 255.5 points, or 1.11 percent, to close at 23,296.29.
Market breadth was firmly positive, with 249 gainers versus just 12 losers on the main market, with SR3.2 billion ($854.2 million) in trade value.
Among the top gainers, United Cooperative Assurance Co. surged 9.73 percent to close at SR3.72, while Saudi Industrial Export Co. rose 9.18 percent to SR2.26.
Al Gassim Investment Holding Co. advanced 8.25 percent to SR16.40, and Abdullah Saad Mohammed Abo Moati for Bookstores Co. gained 7.73 percent to end at SR46.
Gulf General Cooperative Insurance Co. also posted strong gains, closing up 7.67 percent at SR3.93.
On the downside, Naseej International Trading Co. led the declines, falling 5.87 percent to SR35.30.
SEDCO Capital REIT Fund edged down 1.03 percent to SR6.70, while Saudi Tadawul Group Holding Co. slipped 0.78 percent to SR140.30.
Banque Saudi Fransi declined 0.77 percent to SR16.82, and Saudi Co. for Hardware closed 0.76 percent lower at SR25.96.
On the corporate front, Catrion Catering Holding Co. said it signed a sale and purchase agreement to acquire a 55 percent stake in Al Khaleejah Catering Co., with an option to buy an additional 15 percent within three years.
The transaction values the acquisition at up to SR 40.86 million, comprising an initial cash payment of SR315.21 million and performance-based earn-out payments of up to SR125.65 million, subject to the achievement of specified financial targets.
The acquisition will be financed through internal funding sources and Shariah-compliant banking facilities and is expected to support Catrion’s expansion strategy in the aviation and catering services sector, with a positive financial impact anticipated by the end of the second quarter of 2026.
Catrion Catering Holding Co. closed Wednesday’s session at SR80.35, up SR3.35, representing a 4.35 percent gain
Purity for Information Technology Co. announced the signing of a contract with the Social Development Bank to provide managed cloud system services.
The contract is valued at SR6.92 million, including VAT, and will run for a duration of 36 months.
Under the agreement, Purity will deliver managed cloud services aimed at enhancing system reliability, service availability, and overall operational continuity.
The financial impact of the contract is expected to be reflected in the company’s financial results for the 2025–2026 fiscal year.
Purity for Information Technology Co. ended the session at SR20.99, rising SR0.54, or 2.64 percent.
