SAFE unveils expansion plans to transform aviation security: CEO

Special Turki Matooq Al-Thonayan, CEO of the National Security Services Co. AN photo by Huda Bashatah
Turki Matooq Al-Thonayan, CEO of the National Security Services Co. AN photo by Huda Bashatah
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Updated 22 May 2024
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SAFE unveils expansion plans to transform aviation security: CEO

SAFE unveils expansion plans to transform aviation security: CEO

RIYADH: Saudi Arabia’s aviation sector is set for substantial safety and security enhancements as the National Security Services Co. prepares to embark on an ambitious expansion plan, its CEO told Arab News.

Turki Matooq Al-Thonayan explained how the company, also known as SAFE, already has operations spanning multiple countries and a workforce exceeding 10,000 employees.

The comments came on the sidelines of the Future Aviation Forum, which saw over 5,000 industry experts and leaders from more than 120 countries gather in Riyadh to discuss issues facing the sector.

In his interview with Arab News, Al-Thonayan emphasized the strategic integration of SAFE’s plans with the aviation sector, aligning with broader transportation goals, saying: “The plan of expansion is totally integrated with aviation. Why we are here is because of transportation, talking about aviation, land, and maritime.”

Al-Thonayan went on explaining that the company is also targeting Saudi Arabia’s giga-projects like NEOM, the Red Sea and Qiddiya.

“We are targeting the mass event in VIP protection, industrial facilities. And moreover, we are trying to support the government and their initiative to privatize the security services,” he added.

SAFE was launched in 2021 and is totally owned by the Public Investment Fund.

According to the CEO, the company was initially focused on security services but has since added firefighting, safety, and critical facility management to its remit.

“We are working in more than 37 governments within the Kingdom, we are working in Bahrain and we launched our office in the UAE, and we are planning for more expansion in the future,” Al-Thonayan said.

The focus on customer experience is at the heart of SAFE’s operational ethos. “Because if we are providing the services like the firefighting, the facility management, the security, this affects the passengers and the customers and the airports,” he said.

“The engagement between the passengers and the services is going to be for security and verification. Our goal is how to make this experience excellent, how we address the goal of the passengers,” Al-Thonayan explained.

Understanding the needs of passengers and ensuring their swift and efficient movement through airports is a priority for SAFE. “Sometimes their goal is to move as fast as possible to their businesses, to their collaboration within the Kingdom. So we would like to enhance the process. We would like to improve the efficiency of the services within the airport,” the top official noted.

“Our goal is to be the ultimate security, safety, firefighting partner,” he emphasized.

Al-Thonayan outlined the firm’s key objectives, which revolve around enhancing service efficiency and generating revenue, and said: “Our success is to be a reliable enabler. So how we can enable the ecosystem of aviation to move faster toward their targets, how we can make them do more.”

He highlighted that SAFE aims to offer comprehensive solutions that streamline services and ensure reliability, saying: “We are planning to offer and make a commercial offering for a total solution. So instead of having scattered services among these suppliers, we will have one quality service provider that is reliable from the ecosystem, from the government, from the client, from the service provider.”

The concept of integration is central to the company’s approach, as Al-Thonayan noted.

“Being in Bahrain or being in the UAE, or being in Saudi Arabia, the added value here is to have an integrated service. Door to door, which enables the network to do the business and do smooth and efficient logistics where it contributes and operation excellence, and cost efficiency,” the CEO explained.

Al-Thonayan stressed the importance of global operations and the role SAFE plays in facilitating seamless travel experiences. “Our target is to make smooth, excellent, and efficient operations with our destination all over the globe. Today we are talking about the globe coming to Saudi Arabia. How can I enhance this process to make their life easy? How we can contribute and the quality of the lifestyle. This is our role,” he said.

Highlighting recent partnerships, Al-Thonayan mentioned significant agreements aimed at enhancing the aviation network within the Kingdom.

“The ecosystem in aviation consists of airlines, logistics, and airports. So we have signed (an MoU) today with Dammam Airport Co., DACO and Cluster 2, which is another 22 airports,” he added.

These collaborations are going to enhance the network within the Kingdom, according to the CEO. “Our role here is to provide security solutions for our safety solutions, and how can we succeed to transform the model and the business operation from scattered business to a total solution business,” he added.

Al-Thonayan underscored the significance of accredited training and technology integration to enhance services. By shifting security’s role from a cost center to a value generator, SAFE aims to cultivate data networks for expanded services. This vision was demonstrated through recent agreements that are viewed as a starting point for further success and collaboration.

 Al-Thonayan reiterated SAFE’s commitment to setting high standards in the aviation sector and ensuring an exceptional customer experience.

“We would like to say to our colleagues in the sector, we are the front or the national front. Passengers, travelers, airport companies, airline companies, will see first our employees, the security, the customer service, and they will make the impression,” he said,

“We are obligated and committed to deliver the best customer experience for the globe,” the CEO concluded.

With these comprehensive strategies and partnerships, SAFE is poised to play a pivotal role in the future of aviation security and customer experience, both within the Kingdom and beyond.


Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures

Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures
Updated 23 January 2025
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Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures

Lebanon’s inflation rate drops to 45% in 2024, marking a return to double-digit figures
  • Monthly inflation also increased by 2.38% in December, marking the third consecutive monthly rise
  • Key contributors included miscellaneous goods and services, which rose 39.69% annually

RIYADH: Lebanon’s economic landscape showed signs of stabilization in 2024, with inflation rates returning to double-digit levels after three years of hyperinflation that had exceeded 200 percent.

The annual inflation rate stood at 45.24 percent last year, a substantial drop from the staggering 221.3 percent recorded in 2023, according to data from the Central Administration of Statistics.

Lebanon has endured prolonged economic instability, with the Lebanese lira losing 90 percent of its value since the crisis began in 2019. The drop in inflation aligns with the International Monetary Fund’s October forecast, which projected inflation in the Middle East and North Africa region to ease to 3.3 percent in 2024.

Last year represented a period of relative calm in terms of price volatility. Monthly inflation indices revealed a deceleration in price growth. The index for December reached 30,936.02, compared to 30,147.41 in November, showing a modest increase compared to the unpredictable fluctuations of prior years.

The slowdown in inflation is largely due to the stabilization of the Lebanese lira, driven by Banque du Liban’s monetary policies since 2023. By the spring of last year, the exchange rate had settled at around 89,500 Lebanese liras per dollar, following a sharp rise from 40,000 to 140,000 earlier in 2023.

This stability helped bring annual inflation below 100 percent in April, reaching 18.1 percent by December, though the same month’s inflation rose slightly from November’s 15.38 percent.

Monthly inflation also increased by 2.38 percent in December, marking the third consecutive monthly rise, following 2.02 percent in October and 2.30 percent in November. 

Key contributors to inflation in December included miscellaneous goods and services, which rose 39.69 percent annually, education fees at 31.27 percent, and health care at 22.93 percent. Only communications and furniture saw price declines at 2.99 percent and 1.99 percent, respectively.

Lebanon’s state-owned telecom firm, Ogero, said it is working to restore and expand its connectivity. The firm’s Chairman and Director General Imad Kreidieh announced in a live broadcast on Jan. 21 that the company’s expansion plans will resume, supported by funding from multiple donors.

North Lebanon recorded the highest monthly increase in December at 3.79 percent, followed by Beirut and Nabatieh at 3.59 percent, and South Lebanon at 2.97 percent.

The drop in inflation offers some relief to the Lebanese people, but with the election of former army commander Joseph Aoun as president on Jan. 9 and the appointment of the Chief Judge of the International Court of Justice, Nawaf Salam, as prime minister on Jan. 13, the need for comprehensive reform remains urgent.

The political breakthrough has also sparked a rally in Lebanon’s government bonds, which have nearly tripled in value since September. The election of Aoun, following 12 failed attempts to choose a president, has raised hopes that Lebanon might finally address its economic challenges. 

Most of the country’s international bonds, in default since 2020, rallied further after Aoun’s election, rising by nearly 0.9 cents on the dollar to around 16 cents — a modest recovery that underscores investor optimism despite Lebanon’s ongoing struggles.


Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC

Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC
Updated 23 January 2025
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Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC

Saudi Arabia’s Kingdom Holding terminates $1.8bn fund deal with Sumou, JEC

JEDDAH: Saudi-based conglomerate Kingdom Holding Co. has confirmed the termination of its SR6.8 billion ($1.8 billion) fund agreement with Sumou Holding Co. and Jeddah Economic Co., following a mutual decision by all parties.

In a filing with the Tadawul stock exchange, KHC said the move, effective Jan. 23, imposes no obligations on any party, adding that this decision was reached as the primary purpose of the fund is no longer applicable.

Progress continues on the fund’s main asset, Jeddah Tower, with the Saudi Binladin Group reinstated and work resuming at an accelerated pace. Technical and consulting teams are now in place and have commenced on-site operations.

The release added that the Alinma Jeddah Economic City Fund, fully owned by JEC – an associate firm – remains operational, saying that KHC continues to support the project’s development.

In July, the three firms signed an agreement to establish a new fund to acquire the Alinma Jeddah Economic Fund, whose investors would include the three companies, with KHC owning 40 percent of the new fund.

In a Tadawul announcement, KHC said last year that the financial impact of the agreement would be disclosed once JEC completed updating its accounting records.

The latest announcement said the concrete was poured for the 64th floor of the tower in the presence of the partners, headed by Prince Alwaleed bin Talal, KHC’s chairman of the board of directors.

It added that the partners were giving their utmost attention and oversight to this global symbol, which aligns with Saudi Vision 2030.

Jeddah Economic City aims to showcase its pioneering ambitions through the Jeddah Tower, envisioned as a new wonder of the world and a symbol of Jeddah’s renaissance. The tower also reflects the city’s rich commercial heritage spanning thousands of years, according to the company’s website.

Set to stand over 1 km. tall, the tower will be the centerpiece of the Jeddah Tower Waterfront District.


Qatar strengthens fiscal position with $245m budget surplus in Q4 

Qatar strengthens fiscal position with $245m budget surplus in Q4 
Updated 23 January 2025
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Qatar strengthens fiscal position with $245m budget surplus in Q4 

Qatar strengthens fiscal position with $245m budget surplus in Q4 

RIYADH: Qatar recorded a budget surplus of 900 million Qatari riyals ($245.6 million) in the fourth quarter of 2024, up from 100 million riyals in the previous quarter. 

The Ministry of Finance stated on its X account that the surplus will be used to reduce public debt. It added that total expenditures for the quarter stood at 47.8 billion riyals, a 12 percent year-on-year decline, while revenues totaled 48.7 billion riyals, reflecting a 12.5 percent drop. 

The health, municipal and environment, general secretariat, and energy sectors ranked as the top-performing areas during the quarter, according to the Sector Performance Index.  

Qatar’s fiscal performance aligns with other Gulf Cooperation Council nations, such as Oman, which recorded a 6.2 percent budget surplus in 2024. This reflects the International Monetary Fund’s December review, which highlighted the region’s resilience amid oil production cuts, supported by diversification efforts and economic reforms. 

“For the second consecutive year, and in line with Qatar’s continued dedication to developing health and education, allocations for the two sectors have increased, with both amounting to 20 percent of the total new budget,” the ministry said. 

Government tenders and auctions during the quarter were valued at 6.4 billion riyals, while contracts with local companies totaled 4.8 billion riyals, a 36.8 percent decline compared to the same period in 2023. 

The 2024 state budget prioritized significant investments in healthcare, with 11 percent of total expenditures allocated to the sector. Key projects include the development of the National Cancer Hospital, a specialized psychiatric hospital, and upgrades to existing healthcare facilities. 

In the third quarter of 2024, Qatar’s budget surplus declined by 97.4 percent compared to the second quarter. Total revenues for that period were 51.3 billion riyals, driven by oil and gas revenues of 42.3 billion riyals, which fell 25.4 percent year on year due to fluctuating market conditions. 

Non-oil revenues, however, showed strong growth, rising 76.8 percent year on year from a lower base. 

Expenditures totaled 51.2 billion riyals in the third quarter, a 2.8 percent increase compared to the same quarter in 2023, with notable spending on salaries, wages, and minor capital expenditures. 

The government prioritized debt reduction during the period, in line with its fiscal strategy. Public debt stood at 332.4 billion riyals, equivalent to 38.6 percent of nominal gross domestic product. 


Saudia sets new heights in 2024, flying 20m international passengers with 16% growth

Saudia sets new heights in 2024, flying 20m international passengers with 16% growth
Updated 23 January 2025
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Saudia sets new heights in 2024, flying 20m international passengers with 16% growth

Saudia sets new heights in 2024, flying 20m international passengers with 16% growth
  • Saudia reported an 18% increase in transit guests compared to the previous year, surpassing 9.3 million passengers
  • It carried 35 million guests throughout 2024, reflecting a 15% year-on-year increase

JEDDAH: Saudi Arabia’s national flag carrier Saudia reported a 16 percent year-on-year rise in its international passenger numbers in 2024, reaching 20 million, highlighting its growth and operational success.

Saudia also reported an 18 percent increase in transit guests compared to the previous year, surpassing 9.3 million passengers, according to its performance report statement, released on Jan. 23.

The growth reflects the carrier’s efforts to strengthen global connections to the Kingdom, supporting the ambitious goals of Saudi Vision 2030 in tourism, entertainment, sports, and the Muslim Hajj and Umrah pilgrimages.

According to the International Air Transport Association, the Middle East’s air travel market continued its strong recovery in November, with passenger demand increasing by 8.9 percent compared to the same month in 2023.

While this growth was robust, it was slightly ahead of the global trend, which saw an 8.1 percent increase in total passenger demand.

 

The region’s performance was part of a broader international trend, where the Middle East, alongside Europe and Asia-Pacific, led the way in demand growth. However, airlines in the region continue to face challenges in aircraft supply, preventing them from fully meeting growing demand and improving their services, IATA said in a statement released earlier this month.

Major international markets in the Middle East experienced a notable increase in traffic demand, driven by the strong performance of the region’s largest aviation hubs, despite some countries facing challenges from geopolitical conflicts, according to IATA.

Ibrahim Al-Omar, the director general of Saudia Group, said that success in the competitive aviation industry requires a continuously evolving strategy, adding that the airline remains committed to achieving sustainable operational excellence while upholding the highest international standards.

“This remarkable growth is a testament to the dedication and hard work of Saudia’s employees and the strategic optimization of our aircraft fleet to deliver exceptional service. We have also made significant strides in enhancing our services and enriching the overall guest experience,” he said.

In its report, Saudia said that it carried 35 million guests throughout 2024, reflecting a 15 percent year-on-year increase.

The airline reported operating 193,000 scheduled and additional flights last year, reflecting a 10 percent increase from the year before, adding that it also achieved an 8.5 percent rise in flight hours, totaling over 581,000, while maintaining an on-time performance rate of 89.1 percent, marking a 2.7 percent improvement.

The company’s customer satisfaction metric showed a 32.7 score, reflecting a 4.5 percent increase compared to 2023, according to the statement.

Saudia said it saw a notable increase in guest engagement through modern technologies as part of its ongoing digital transformation. It noted a 40 percent rise in usage of the Saudia app, while the Government Digital Wallet, GovClick, drove an impressive 324 percent growth in digital service adoption.

The company’s futuristic plans include strengthening its operational model, particularly during peak travel seasons, by expanding its fleet, increasing seat capacity, and broadening its global network.

With a current fleet of 147 aircraft, the airline aims to add 118 new planes in the coming years as part of its growth strategy.


Closing Bell: Saudi main index slips to close at 12,354

Closing Bell: Saudi main index slips to close at 12,354
Updated 23 January 2025
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Closing Bell: Saudi main index slips to close at 12,354

Closing Bell: Saudi main index slips to close at 12,354

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Thursday, losing 8.35 points, or 0.07 percent, to close at 12,354.04. 

The total trading turnover of the benchmark index was SR6.67 billion ($1.77 billion), as 112 of the stocks advanced and 114 retreated.  

Similarly, the Kingdom’s parallel market Nomu lost 154.28 points, or 0.50 percent, to close at 30,846.59. This comes as 32 of the listed stocks advanced while 49 retreated.  

The MSCI Tadawul Index also lost 1.64 points, or 0.11 percent, to close at 1,543.38.  

The best-performing stock of the day was Almoosa Health Co., whose share price surged 10 percent to SR154. 

Other top performers included Al Jouf Cement Co., whose share price rose 8.22 percent to SR12.90, as well as Northern Region Cement Co., whose share price surged 6.56 percent to SR9.91.

Saudi Reinsurance Co. recorded the most significant drop, falling 2.90 percent to SR60.20, while Middle East Specialized Cables Co. also saw its stock prices fall 2.67 percent to SR45.60. 

Kingdom Holding Co. recorded a drop of 2.42 percent to SR9.29.

On the announcements front, Riyad Bank has completed the offer of its SR-denominated additional tier 1 capital sukuk under its Additional Tier 1 Capital Sukuk Program, which is worth SR10 billion. 

According to a Tadawul statement, the total number of sukuk is 800, with the value of the offer standing at SR2 billion. The statement also showed that while the par value is SR250,000, the return is 6 percent per annum.

Riyad Bank ended the session at SR29.60, with no percentage change in price.

Albilad Capital has rebalanced the sukuk basket for the Albilad Saudi Sovereign Sukuk ETF to align with the components of the index. According to a bourse filing, the rebalancing took place on Jan. 22.

Albilad Capital ended the session at SR8.30, with no percentage change in price.

Saudi Arabian Cooperative Insurance Co. has decreased its accumulated losses to 0 percent of the capital. According to a Tadawul statement, this move is mainly attributed to the use of SR39 million out of the total statutory reserve balance amounting, to SR43 million to extinguish the firm’s accumulated losses. 

The company highlighted that the use of the company’s statutory reserve has no impact on its financial obligations.

Saudi Arabian Cooperative Insurance Co. ended the session at SR16.70, up 1.24 percent.

Arabian Plastic Industrial Co. has signed a contract with Badael Co., a Public Investment Fund firm, to manufacture and supply plastic containers for 3 years. 

A bourse filing revealed that the agreement value exceeds 5 percent of the company’s total revenues according to the audited annual financial statements for the year 2023. The filing also indicated that the financial impact of the deal is forecasted to be reflected positively on the financial statements starting from the first half of 2025.

Arabian Plastic Industrial Co. ended the session at SR37, up 1.23 percent.