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DEFENSE-
The Defense Ministry is set to add four Airbus A330 Multi Role Tanker Transport (MRTT) aircraft to its fleet under a purchase agreement with European planemaker Airbus, it said in a post on X. The A330 MRTT will help upgrade the operational capacities for the Royal Saudi Air Force (Rsaf) in air-to-air refueling and transport missions, the ministry said. The value of the Defense Ministry’s order was not disclosed.
The Rsaf is one of the world’s largest MRTT operators: “This is the third contract signed by Saudi Arabia for the A330 MRTT, making the RSAF one of the largest MRTT operators in the world,” Jean-Brice Dumont, head of Air Power at Airbus Defence and Space said in a statement. The first of four MRTT is set to enter into service and join the Rsaf’s fleet in 2027, according to Airbus.
Saudi has been looking to localize MRTT: The General Authority for Military Industries signed an agreement earlier this year with Airbus to localize the manufacturing of the MRTT and its components at home.
REMEMBER- The Kingdom has a target of localizing over 50% of its military equipment spending by 2030.
AVIATION-
#1- Riyadh Air partners with Delta Air Lines to expand connectivity to North America: The Public Investment Fund’s new flagship carrier Riyadh Air signed an MoU with US carrier Delta Air Lines to give its customers access to interline flights on Delta’s fleet to US destinations, according to a statement from Riyadh Air. The agreement will also pave the way for Delta to access the Saudi market for the first time by running future direct flights between the US and King Khalid International Airport in Riyadh. Currently, no US carrier flies directly to Saudi. The story received ink from Reuters.
More plans down the line: The airlines will consider selling tickets on each other’s flights via codesharing as well as establishing a joint venture to scale up their partnership, which remains subject to regulatory approvals, the statement showed.
ICYMI- Riyadh Air is growing its network: Riyadh Air, which plans to debut its commercial flights next year, announced partnerships last month with Air China and Singapore Airlines. Later, the company’s CEO Tony Douglas reportedly revealed plans to offer interline flights to Australia and New Zealand using Singapore Airlines’ network.
#2- Regular flights between Syria and Saudi resumed yesterday, with the first flight arriving at King Khalid Airport from the Syrian capital’s airport, Syrian state news agency SANA reported. This marks the return of commercial flights between both countries after over a decade of hiatus, except for a temporary resumption that took place during the 2024 Hajj season. The story also got ink in the Associated Press.
REMEMBER-The Kingdom appointed in May its first envoy to Syria since the closure of its embassy in Damascus in 2012 in the wake of the country’s civil war. Saudi reopened its embassy in Syria earlier this year, while Syria appointed an ambassador to Riyadh last year as it reopened the embassy.
LAW-
Global law firm Curtis, Mallet-Prevost, Colt & Mosle LLP has obtained a foreign law firm license from Saudi, it said in a statement. The office will employ both local and international lawyers and would be “fully integrated with Curtis’ worldwide operations.” Details on the headcount or when the law firm would begin operations in Saudi were not disclosed.
In context: The license aims to give foreign law firms greater independence, whereby they don’t have to rely on local affiliates to operate in the country. Curtis opened its Saudi office in 2021 under a link-up with Trafua Legal Consultants.
Making it easier for foreign firms to open here: More global law firms have been encouraged to open offices in the Kingdom after the government removed a requirement last year requiring the firms to work through affiliated Saudi law firms.
MINING-
Al Rasheed awarded silica mining license: Riyadh-based construction and mining firm Mohammed Hadi Al Rasheed and Partners Co. has obtained a 20-year mining license from the Industry and Mineral Resources Ministry for a high-purity silica mine in Riyadh, according to a disclosure to Tadawul. The license, which spans an area 9.6 mn sqm, expires in July 2044. No further information was provided on the exact location or the investment value.
Remember- Mohammed Hadi Al Rasheed and Partners made its debut on parallel market Nomu in May after wrapping up an IPO that saw it sell a 12% stake in a secondary share sale.
CIT-
Tadawul-listed IT solutions firm Elm will provide its services to the Interior Ministry and the Saudi Data and AI Authority under a 10-year data resources development agreement it signed earlier this week, the PIF-owned company said in a disclosure to Tadawul. The agreement is effective from 1 January, 2024.
DEBT WATCH-
Tadawul-listed Perfect Presentation (2P) has increased its Shariah-compliant credit facility with Arab National Bank (ANB) by SAR 121 mn, bringing the loan up to SAR 356 mn, it said in a disclosure to Tadawul. The facility, which runs until July next year, aims to fund a healthy ministry call center by 2P.
