MIS may see 15-20% growth in topline, net profit in 2025: Vice Chairman
These projections are based on current conditions and market activity, in addition to the initiatives led by the Kingdom in technology and artificial intelligence, infrastructure and data centers, he added.
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Saudi Arabia approves new Dammam-based budget airline backed by Air Arabia
RIYADH: Saudi Arabia has granted a low-cost airline license to an Air Arabia-led consortium, aiming to boost air connectivity, create jobs, and upgrade transport in the Eastern Province. The new carrier, a joint venture between the UAE-based budget airline, KUN Investment Holding, and Nesma, will be headquartered at Dammam's King Fahd International Airport. It is expected to operate both domestic and international routes, helping expand access and competition in the Kingdom's growing aviation market. According to the General Authority of Civil Aviation, the new airline aims to serve 24 domestic and 57 international destinations, transporting around 10 million passengers annually. Its operations will be supported by a fleet of 45 aircraft and are projected to create more than 2,400 direct jobs, aligning with Saudi Arabia's Vision 2030 goals to boost the non-oil economy and local employment. In a statement, GACA stated: 'This move aims to enhance air connectivity in the Eastern Province, increase seat capacity, and provide passengers with competitive options.' The announcement comes as part of broader efforts to transform Saudi Arabia into a regional aviation hub. The country plans to handle 330 million passengers and transport 4.5 million tons of air cargo annually by 2030, under the National Strategy for Transport and Logistics Services. As part of this strategy, Eastern Province Gov. Prince Saud bin Naif bin Abdulaziz also inaugurated the master plans for King Fahd International, Al-Ahsa, and Al-Qaisumah airports, alongside a new corporate identity for Dammam Airports Co. The governor also launched a SR1.6 billion ($426 million) development package covering 77 infrastructure projects to improve passenger experience and airport services. King Fahd International Airport handled 12 million passengers in 2024, up 15 percent from the previous year, with over 99,000 flights recorded, according to data from Dammam Airports Co. The airport also set a daily passenger traffic record, surpassing 50,000 travelers in a single day for the first time. With air traffic steadily rising and infrastructure rapidly expanding, the introduction of a new budget airline based in Dammam is expected to solidify the region's position as a key aviation gateway and support Saudi Arabia's ambitions to lead the Middle East civil aviation sector by the end of the decade.
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an hour ago
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Lean teams up with Plug and Play to advance health innovation in Kingdom
As part of its ongoing efforts to expand international collaboration and accelerate innovation in the healthcare sector, Lean Business Services, a leading national enabler of digital health solutions and a Public Investment Fund company, has signed a strategic memorandum of understanding with global innovation platform Plug and Play, renowned for its startup acceleration programs. The agreement was signed during the official ministerial visit to the US led by Abdulaziz Al-Rumaih, vice minister of health. The partnership will establish a scalable and sustainable health innovation ecosystem in Saudi Arabia by launching acceleration programs for startups specializing in digital health and artificial intelligence, as well as creating innovation hubs that empower the next generation of health technologies across the Kingdom and the wider region. The MoU was signed at Plug and Play's headquarters in San Francisco by Mohanned Alrasheed, CEO of Lean, and Saeed Amidi, CEO of Plug and Play. Commenting on the collaboration, Alrasheed said: 'At Lean, we believe that true innovation begins with building strong international innovation networks. Our partnership with Plug and Play marks a strategic step toward creating a fertile environment for health entrepreneurship in the Kingdom and driving digital solutions that can meet the future needs of healthcare, both locally and globally.' Amidi added: 'We're incredibly excited about our partnership with Lean and the opportunity to showcase our shared vision to the world. Our teams will be working closely together to build something truly impactful that blends innovation, investment, and global collaboration to shape the future of healthcare and AI.' As part of the visit, the delegation from the Ministry of Health and Lean met with leaders from major technology companies, including Apple and Google, to explore the latest advancements in smart health devices, AI-driven solutions, and health data analytics. The discussions focused on potential integration opportunities with Saudi Arabia's national healthcare systems. The tour also included visits to leading startups specialized in accelerating drug discovery and early disease detection using AI. The delegation also visited Stanford Biodesign Labs to explore innovation support models in medical device design and biomedical engineering. This milestone reflects Lean's strong commitment to its role as a digital enabler in the health sector. It aligns with Saudi Arabia's Vision 2030 goals to build an innovative, sustainable, and innovation-driven healthcare ecosystem. Through global partnerships, Lean continues to lead digital transformation efforts, leveraging technology to deliver more efficient, human-centered, and high-quality health experiences to communities across the Kingdom.
