Saudi airlines Riyadh Air and Saudia order Boeing aircraft
16 March 2023
Saudi airlines Riyadh Air and Saudia have placed orders for 78 787 Dreamline aircraft from US-based Boeing. The two airlines have also placed options that could take the total order to 121 aircraft.
Riyadh Air has said it will purchase 39 787-9s, with options for an additional 33 787-9s. Saudia will purchase 39 787s, with an option for a further 10. The agreement will include both 787-9 and 787-10 models.
Riyadh Air was launched earlier in March and its aircraft order, together with Saudia’s, will help support the kingdom's aviation and tourism ambitions. The country has a goal of serving 330 million passengers and attracting 100 million visitors annually by 2030.
READ MORE: Saudi Arabia raises aviation stakes
"By positioning the airline as both a global connector and a vehicle to drive tourist and business travel to Saudi Arabia, our new 787-9 airplanes will serve as a foundation for our worldwide operations, as we build the wider network and connect our guests to Saudi Arabia and many destinations around the world," said Tony Douglas, CEO of Riyadh Air.
Saudia already operates more than 50 Boeing airplanes on its long-haul network, including the 777-300ER (Extended Range) and 787-9 and 787-10 Dreamliner.
The 787-9 provides the longest range of the 787 family of airplanes, flying approximately 300 passengers 14,010 kilometres with additional cargo capacity.
Airport expansion
In November, Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz al-Saud announced the masterplan for King Salman International airport in Riyadh. If completed on time in 2030, it will become the largest airport in the world in terms of passenger capacity.
The aim is for the airport to accommodate up to 120 million passengers by 2030 and 185 million passengers by 2050. For cargo, the goal is to process 3.5 million tonnes a year by 2050.
It will cover an area of about 57 square kilometres, allowing for six parallel runways, and will include the existing terminals at King Khalid International airport.
The project will also include 12 square kilometres of airport support facilities, residential and recreational facilities, retail outlets and other logistics real estate.
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UAE-Turkiye financial links strengthen
30 June 2025
This package on UAE-Turkiye relations also includes:
> UAE-Turkiye trade gains momentum
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Turkish bank DenizBank is one of Turkiye’s leading private banks and, as a wholly owned subsidiary of Emirates NBD since 2019, it is playing a leading role in developing business links between the UAE and Turkiye.
Recep Bastug, who was appointed as DenizBank’s CEO in 2024, says there is great potential for trade between the two countries.
“Turkiye is a growing country,” he says. “We’ve had volatility over the past five years, but the Turkiye economy and the banking sector have been able to manage those periods successfully.”
Having spent years with international institutions such as BBVA, Bastug has vast experience in the banking sector. “Turkish banks, especially private ones like DenizBank, are very successful. In terms of capital, balance sheet structure and digital transformation, we are in a strong position,” he says.
Solid fundamentals
Turkiye’s fundamentals remain solid with a diversified export-oriented economy, a young and skilled population of 85 million, and relatively low debt levels. “We are not a highly leveraged country. Our household debt-to-GDP ratio is low. With the right policy mix, we offer high potential for foreign investors,” says Bastug.
That potential is increasingly being realised through growing engagement with the GCC and the UAE. “Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region.”
GCC projects
Baştug says that many of these companies approach DenizBank to help facilitate their entry into Gulf markets. “Some of our clients are extremely well capitalised, but others need support for major projects. Just recently, one Turkish company announced a $3bn project in the region. We’re helping them connect with Emirates NBD and navigate the local financial landscape.”
DenizBank is actively supporting the creation of trilateral partnerships – particularly between Turkiye, the UAE and Saudi Arabia. “We see huge opportunity in forming financial strongholds across these markets, leveraging Turkiye’s contractor experience, the UAE’s capital and Saudi Arabia’s scale,” says Baştug.
DenizBank is already delivering results. “With Emirates NBD, we’ve identified 10 strategic cooperation areas, including trade finance, payments and capital markets. Thanks to this partnership, Emirates NBD has become the number one debt capital markets bank in Turkiye, even ahead of global players.”
One area of growing activity is initial public offering (IPO) participation. “We’ve launched a mutual fund that allows Turkish private banking clients to participate in IPOs from the region, including from the UAE and Saudi Arabia. It’s a diversification strategy and helps retain wealth within the group.”
Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region
Recep Bastug, DenizBankInflation ends
Despite the current inflationary environment, Bastug says there is a clear inflection point ahead. “We expect 2027 to be a turning point. Once we exit the inflationary accounting regime [in Turkiye], DenizBank will become one of the biggest contributors to Emirates NBD’s global balance sheet. Last year, we contributed $1.2bn. In 2027, it will be significantly more.”
DenizBank is the fifth-largest private bank in Turkiye with about a 5% market share. “The largest private bank is at 13%. It’s not easy to close that gap – but we will do it. Our long-term goal, aligned with our shareholder, is to become the biggest and most successful private bank in the country.”
The bank is especially focused on agriculture, SMEs, and export financing – sectors that are deeply relevant to
Turkiye’s economic growth and to regional demand. “We are the leading agricultural bank in Turkiye, and we believe strongly in the sector’s future – both for local consumption and exports.”Regional opportunities
Bastug also sees potential for engagement beyond the GCC, including in post-conflict reconstruction. “In the past, Turkiye had strong trade volumes with Syria. Even during wartime, commercial links remained. Once a stable environment emerges, there will be opportunities – especially in infrastructure.”
While a physical branch presence is not currently being considered, DenizBank is prepared to support Turkish contractors operating in neighbouring countries. “We have the relationships and expertise to facilitate this growth. And culturally, we’re well aligned with the region – it helps make business smoother.”
As Turkiye re-establishes economic momentum and Gulf economies look to deliver on long-term visions, DenizBank is positioning itself for a more active role in the region in the future. “We are preparing the bank for the next stage, and with the backing of Emirates NBD, we’re confident in our ability to lead.”
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Abu Dhabi-based investment company Multiply Group has agreed to sell all of its shares in its district cooling subsidiary Pal Cooling Holding (PCH) for AED3.8bn ($1bn) to a consortium comprising Engie-backed National Central Cooling Company (Tabreed) and CVC DIF.
The transaction is still subject to regulatory approvals.
MEED exclusively reported in May that a team comprising Tabreed and CVC was holding exclusive discussions to acquire PCH.
Multiply Group initially acquired a 100% stake in PCH and its subsidiaries in July 2021.
Multiply Group has been advised by Standard Chartered and Clifford Chance. Tabreed and CVC DIF have been advised by Citi, Synergy Consulting and White & Case.
The transaction brings together two of the UAE’s leading district cooling players. PCH was founded in 2006 and operates five active district cooling plants across the UAE. The company maintains eight long-term concessions and strategic partnerships with some of the UAE’s leading real estate developers, servicing key residential, commercial and mixed-use developments – most notably on Abu Dhabi’s Reem Island.
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Iraq approves Basra housing project
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Iraq has approved plans to build a housing project in Basra that will offer about 5,000 homes in the first phase to tackle the country’s rising housing shortage.
The project, which is endorsed by Iraq’s National Investment Commission (NIC), will cover an area of about 3 square kilometres.
According to local media reports, Basra province governor Asaad Al-Idani said the project has already been awarded to a developer.
Iraq has been gradually recovering since the war. The government initially prioritised infrastructure and public housing to stimulate economic growth, improve living standards and attract foreign investment.
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Meraas announces Dubai City Walk expansion
30 June 2025
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Local real estate developer Meraas has announced the City Walk Crestlane project as it continues to expand its City Walk residential community in the Al-Wasl area of Dubai.
The City Walk Crestlane comprises two residential towers offering 198 one-, two-, three-, four- and five-bedroom units.
The project is expected to be completed and handed over by the third quarter of 2028.
Earlier this month, Meraas, which is part of Dubai Holding Real Estate, awarded a construction contract for another project at City Walk.
The local firm Naresco Contracting was awarded a AED450m ($123m) contract for the main construction works on its Central Park Plaza residential project at City Walk.
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