Latest news with #UK-Saudi
Time of India
24-06-2025
- Business
- Time of India
UK flyers transiting Saudi airports will no longer face double security checks thanks to one-stop deal
The UK-Saudi One-Stop Airport Agreement allows UK flyers to skip security checks in Saudi airports, as checks completed in the UK are recognized/ Image: (File) Passengers flying out of the United Kingdom and connecting through Saudi Arabia will now experience a much smoother airport transit process. Thanks to a newly signed One-Stop Security Agreement between the UK Government and Saudi Arabia's General Authority of Civil Aviation (GACA), travelers from the UK will no longer be required to undergo a second round of security screening when passing through Saudi airports. This bilateral agreement is designed to reduce long wait times and simplify the travel experience for passengers connecting to onward destinations across Asia, Africa, and the Middle East via Saudi hubs. Previously, even passengers merely transiting through Saudi Arabia had to clear local security checks again, adding stress, time, and often longer layovers to their journeys. How the Change Works The key change lies in mutual recognition: Saudi Arabia will now accept security screenings conducted at UK airports as valid for transit purposes. That means passengers who have already passed through airport security at locations like London Heathrow, Manchester, or Birmingham won't be screened again at Saudi entry points such as King Khalid International Airport in Riyadh or King Abdulaziz International Airport in Jeddah. According to Mohammed Al-Fawzan, Executive Vice President for Aviation Security at GACA, 'This agreement reflects the high level of trust and alignment between the security frameworks of both countries.' by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Trade Bitcoin & Ethereum – No Wallet Needed! IC Markets Start Now Undo He also emphasized that the agreement is expected to 'significantly reduce transit wait times and improve the overall travel experience, particularly for those making onward connections to Asia, Africa, and the Middle East via Saudi airports.' Benefits for GCC and Long-Haul Travelers The agreement is not only a breakthrough for UK-based travelers but also for Gulf Cooperation Council (GCC) residents who often begin their long-haul journeys via UK airports. Many travelers from the UAE, Bahrain, Kuwait, and Qatar frequently transit through Saudi hubs when flying from the UK to destinations like India, Southeast Asia, and parts of Africa. By eliminating redundant security procedures, the new policy will save time, reduce stress, and offer a more seamless journey—particularly beneficial for: Business travelers on tight schedules Families navigating complex multi-leg journeys Frequent flyers seeking convenience and efficiency Additionally, this move supports Saudi Arabia's broader vision of transforming itself into a global aviation hub. The modernization of airport infrastructure and enhancement of passenger experience are key pillars of its national aviation strategy. A Strategic Win for Both Countries The One-Stop Security Agreement marks a new level of cooperation between the UK and Saudi Arabia in civil aviation and national security. It signals increased trust in each other's airport screening systems and brings Saudi Arabia in line with global standards that favor traveler convenience without compromising safety. For passengers, the impact is immediate and practical: faster transfers, fewer delays, and a more pleasant travel experience. As travel rebounds globally and Saudi Arabia positions its major airports as competitive transit hubs, this development could attract more international travelers to use Saudi airports as layover points, not just out of necessity, but by choice.
Fintech News ME
17-06-2025
- Business
- Fintech News ME
UK's NayaOne Launches Saudi's First Fully Hosted Fintech Infrastructure Platform
UK-based fintech infrastructure provider NayaOne has launched Saudi Arabia's first fully Saudi-hosted Vendor Delivery Infrastructure (VDI) platform, supported by regional business expansion specialist AstroLabs. The launch marks NayaOne's official entry into the Saudi market and is designed to support financial institutions, including banks, insurers, and fintechs, in developing, testing, and deploying products within weeks. Backed by the UK's Department for Business and Trade (DBT), the Saudi-hosted platform connects local institutions to both the domestic technology ecosystem and NayaOne's global network. The platform provides access to synthetic data assets and modular testing environments aimed at reducing proof-of-concept cycles from months to days, while maintaining compliance and security standards. NayaOne, which recently partnered with the UK's Financial Conduct Authority (FCA) and Nvidia to provide infrastructure for a new AI sandbox, is now expanding its presence in the Gulf. The company sees this development as a key milestone in strengthening UK-Saudi ties in fintech. 'Hosting our platform inside the Kingdom removes data-sovereignty friction and lets institutions move from idea to execution in weeks,' said Karan Jain, NayaOne's Founder and CEO. 'We are grateful to have flagship clients, partners like AstroLabs, support from the KSA ecosystem, and encouragement from the UK Government to grow our impact globally. At NayaOne, we look forward to helping other UK businesses who are interested in operating in KSA.' Several Saudi financial institutions and fintech firms are already using the sandbox to test applications in areas such as embedded finance, SME lending, cybersecurity, remittances, and AI. Additional participants are expected to join, further embedding the VDI platform as part of the country's financial innovation infrastructure. UK Minister for Investment Baroness Gustafsson CBE said: 'The UK is home to some of the best tech businesses in the world, so I'm delighted that NayaOne will help boost financial innovation in KSA, reflecting the strength of UK-Saudi collaboration in digital and financial innovation. Our upcoming modern Industrial Strategy will be international from the start, working and deepening our partnerships with countries like Saudi Arabia to support our economic growth.'
Asharq Al-Awsat
19-02-2025
- Business
- Asharq Al-Awsat
Saudi Arabia Leads Global Market Growth in 2024 with Over 55 Listings
Saudi Arabia's stock market has emerged as the fastest-growing in the world in 2024, with over 55 initial public offerings (IPOs) across various sectors. This surge has created diverse investment opportunities for both local and international investors, supported by major banks facilitating IPO participation. Additionally, more than 15 new listings are awaiting regulatory approval. These developments were highlighted at the Financial Markets Forum 2025, which began in Riyadh under the theme 'Empowering the Future of Financial Markets.' The three-day event, running until February 20, brings together top financial leaders and decision-makers to discuss the future of global financial markets. Saudi Investment Minister Khalid Al-Falih said the Kingdom's debt market remains underdeveloped compared to its potential, accounting for less than 4% of GDP—significantly below the G20 average of 40%. He encouraged Saudi companies to explore raising capital through bond and sukuk issuances. Saudi Arabia's next challenge is upgrading from emerging to advanced market status, he revealed. The Kingdom has already demonstrated its ability to adapt by successfully joining major emerging market indices such as MSCI and FTSE within two years of the Vision 2030 launch. Green investment Al-Falih highlighted a growing interest from Asian investors in the Saudi market, attributing this to major investments in tourism, transportation, and logistics, which have strengthened the financial sector. Regarding green investment, he said Saudi Arabia has made sustainability a key priority, moving from an oil-dependent economy to a diversified one. He cited the success of the LEAP Conference as evidence of Saudi Arabia's rising global investment influence. He also discussed the insurance sector, which currently contributes about 2% of GDP, with a target to increase this to 8%. He pointed out significant growth opportunities in specialized insurance fields, including property and life insurance. Al-Falih noted that several sectors, which were almost nonexistent before Saudi Vision 2030, have since experienced substantial growth, with some achieving double-digit annual increases despite global economic challenges, including the COVID-19 pandemic. UK-Saudi trade relations UK Investment Minister Baroness Ruby McGregor-Smith reaffirmed Britain's commitment to expanding trade with Saudi Arabia. She highlighted efforts to increase direct flights and facilitate electronic visa applications to strengthen economic ties. Speaking at a panel discussion, she emphasized the UK-Saudi strategic partnership, stating that the upcoming free trade agreement between the UK and the Gulf Cooperation Council (GCC) could boost trade by 18%. She also stressed the importance of fostering business relationships through joint events to drive economic cooperation. Regarding renewable energy, the minister praised Vision 2030 as a global model for sustainability and environmental responsibility. Moreover, she underscored the UK's strengths as an investment hub, citing its modern industrial strategy, robust financial infrastructure, and world-class academic institutions as key factors attracting investors. Saudi stock market Sarah Al-Suhaimi, Chairperson the Board of Directors of Saudi Tadawul Group, described the forum as a key platform for discussing the resilience of financial markets amid evolving economic conditions and identifying emerging opportunities. Meanwhile, Tadawul CEO Mohammed Al-Rumaih noted that Saudi Arabia's stock market recorded more than 55 IPOs in 2024, with exceptionally high subscription rates—exceeding 1,000% in the main market and 400% in the parallel market (Nomu). Saudi Arabia had the highest number of company listings worldwide in 2024, marking a significant milestone, he stated. 'We celebrated the listing of 400 financial instruments and launched a new capital system—one of our most innovative developments,' he added. With 15 banks now active in the Saudi stock market, IPO subscriptions have surged, with Nomu witnessing a 50% increase. The forum featured panel discussions on global economic trends, regional market shifts, capital allocation strategies, and investment opportunities amid economic transformations. Topics included the role of commodities in driving economic growth in the Gulf Cooperation Council, strategies for financing renewable energy projects, and infrastructure investments to support Saudi Arabia's sustainability goals.
Zawya
29-01-2025
- Business
- Zawya
Saudi Arabia - UK Aviation Traffic achieves record growth, Gaca led Saudi delegation to London to promote aviation investment
Riyadh: Passenger traffic between the United Kingdom and Saudi Arabia rose 34% to a record 1.338 million direct passengers in 2024, more than double the 0.659 million passengers achieved in 2022. The figures were announced ahead of a 27-29 January Saudi aviation delegation visit to London, headed by the General Authority of Civil Aviation's Executive Vice President of Strategy and Business Intelligence, Mohammed AlKhuraisi. UK-Saudi passenger numbers were boosted by British Airways commencing direct flights between Heathrow and Jeddah, whilst national carrier Saudia Airlines also achieved significant expansion. Further growth is planned with Virgin Airways announcing direct flights from Riyadh to Heathrow commencing in March 2025. GACA Executive Vice President, Mohammed Al-Khuraisi said: 'Saudi Arabia is creating unprecedented growth and investment opportunities for global aviation, including the United Kingdom where both countries are achieving record passenger growth. The United Kingdom's expertise in aviation and infrastructure, combined with the growth agenda of the Saudi Aviation Strategy, is delivering new commercial partnerships across our airports, airlines and aviation service sectors. GACA is delighted to be leading a Saudi aviation delegation to further strengthen these partnerships and lay the platform for future growth.' The Saudi delegation's visit to London showcased the progression of the Saudi Aviation Strategy to the British government and commercial audiences, building bilateral relationships and commercial partnerships with the United Kingdom, and promoting GACA's proven expertise in safety, security, and international cooperation. The delegation participated in a roundtable event with the British Aviation Group, engagement with UK companies in the Aviation Supply Forum, and a bilateral meeting with British Government officials including the Department for Transport and Civil Aviation Authority (CAA). The Saudi aviation sector is undergoing significant transformation through the implementation of the Saudi Aviation Strategy, which is unlocking $100 billion in investment to triple passenger numbers to 330 million per annum. The strategy is driving unprecedented growth across the Kingdom's aviation sector, in 2024 passenger numbers rose 15% to a record 128 million, 24% above pre-pandemic levels, with flight numbers rising by 11% to 902,000. There was also a 16% increase in connectivity with the Kingdom now connected to 172 destinations on a weekly basis around the world, and a 34% increase in cargo volumes to 1.2m tons.
