Riyadh Air has been officially authorised to begin scheduled flights to and from airports across Saudi Arabia.

The approval follows the presentation of an Air Operator Certificate (AOC) to Riyadh Air CEO Tony Douglas by the General Authority of Civil Aviation (GACA), according to the Saudi Press Agency (SPA).

The handover took place in the presence of the Minister of Transport and Logistic Services and Chairman of GACA’s Board, Eng. Saleh bin Nasser Al Jasser, and GACA President Abdulaziz bin Abdullah Al Duailej.

Al Jasser said the issuance of the AOC marks a major milestone in Saudi Arabia’s aviation strategy, which aims to position the kingdom as the Middle East’s leading aviation hub by 2030.

The strategy includes transforming Saudi Arabia into a global logistics centre connecting three continents, supporting tourism goals, and establishing Riyadh as a central hub for transport, trade and tourism.

Riyadh Air’s plans

The airline aims to operate flights to over 100 international destinations by 2030.

It has placed orders for more than 132 aircraft and is expected to create over 200,000 direct and indirect jobs in the aviation sector, contributing an estimated SAR75bn to the country’s non-oil GDP.

Riyadh Air received its AOC after fulfilling all regulatory and operational requirements in accordance with the Civil Aviation Law’s executive regulations, especially those covering safety, security and operational quality standards.

GACA’s commitment

The AOC reflects GACA’s commitment to world-class regulatory standards. It marks a step forward in enhancing the passenger experience and maintaining high aviation safety levels. It also supports GACA’s broader goals of creating an attractive investment environment and fostering the growth and sustainability of the aviation sector, in line with the National Aviation Strategy and Saudi Vision 2030.

Gulf Business’ definitive ranking of the Top 100 Most Powerful Arabs in the world is here — and 2025 marks a major milestone.

This isn’t just a regional snapshot. These are the Arab leaders reshaping industries, steering policy, and driving global impact. Our annual list is the result of rigorous research, heated editorial debate, and careful consideration.

This year, we welcome a brand-new number one.

A quiet force with extraordinary reach, he tends to avoid the spotlight — but his influence is impossible to miss. He oversees more than $1.4tn in assets across sovereign wealth funds, banking powerhouses, and AI-led ventures. From cutting-edge tech alliances and crypto strategies to a central role in the global race for artificial intelligence, his impact extends far beyond the UAE.

Curious? Explore our new number one and more below.

This year’s edition also welcomes six new entrants, alongside 21 women power listers whose work continues to inspire and challenge norms across sectors.

As always, our methodology considers four key factors: financial capital, human capital, expansion plans, and personal fame.

These are the names driving transformation. Meet the power players of 2025.

Gulf countries have less reason to panic over the impact of US President Donald Trump’s new tariffs, says Karim Awad, group CEO of financial institution EFG Holding.

Speaking to Gulf Business at the 19th EFG Hermes One-on-One Investor Conference in Dubai, Awad said investor sentiment had been shaken by rising uncertainty.

Global markets reacted sharply on Monday to Trump’s newly announced reciprocal tariff regime, with Hong Kong’s Hang Seng posting its worst fall since 1997 and more than $6tn wiped off US markets over the past three trading days. In the GCC, Saudi Arabia’s Tadawul dropped 7 per cent on Sunday: its steepest decline in five years.

Trump’s “universal baseline tariff” initiates a flat 10 per cent import tax on all goods entering the US, with steeper rates for select countries such as China, where tariffs have been set at 34 per cent.

“The thing that investors like the least is uncertainty,” said Awad.

“It is not only that the tariff regime is tough. It is also that no one is really sure where it will stop. And whether this has ended or whether it will escalate, whether it will de-escalate, no one is really 100 per cent sure.”

By contrast, GCC countries are currently facing only the baseline 10 per cent tariff, a fact Awad believes is being overlooked.

“Having said that, I am not sure that the impact on the Gulf markets, with the exception of course of the movement in oil prices, warrants all that amount of panic, especially that the amount of tariffs that has been slapped on the Arab world is not, to be honest, that big,” he added.

“Naturally there is worry about oil prices and the impact on oil prices, which is a legitimate worry. At the end of the day, it takes time for people to digest, it takes time for companies to adjust to the impact of these changes. And we’ll see where it goes from here.”

Awad also commented on the outlook for Egypt, where EFG Holding is headquartered, noting that the recent float of the pound had helped restore investor confidence.

“The one positive that I saw yesterday, and that I’m actually quite impressed about, is that it was a clear example that the currency regime in Egypt is flexible and that it moves,” he said.

“There is very little intervention from the Central Bank of Egypt, if any. And this should give investors also a lot of confidence that the country is moving in the right direction.”

EFG Holding remains upbeat

Despite the market ructions, EFG Holding remains optimistic.

Founded more than 40 years ago, the group is a financial powerhouse with operations in seven countries across MENA. Its investment banking arm, EFG Hermes, is widely regarded as the region’s leading player, offering services across advisory, asset management, brokerage, research, and private equity.

In 2024, the group posted record revenues of around $545m, up 66 per cent year-on-year. Net profit after tax and minority interest surged 71 per cent to $105.3m. Total assets reached EGP186.9bn by year-end. The firm has also topped equity capital markets (ECM) league tables in the region.

EFG Hermes is working on seven initial public offerings (IPOs) across the GCC in 2025 worth up to $10bn, including five in Saudi Arabia, according to Mostafa Gad, global head of investment banking at EFG Hermes. The firm is also advising on around 10 M&A deals worth between $6bn and $8bn this year, he told Asharq News.

Heading into 2025, the IPO pipeline remains “extremely healthy”, Awad said, with strong demand expected from global investors seeking exposure to one of the world’s most dynamic regions.

Dubai plays host to EFG Hermes’ flagship investor event

This week, EFG Hermes is hosting its flagship One-on-One Investor Conference in Dubai, now in its 19th edition. The event, widely seen as one of MENA’s most influential investment gatherings, is being held at the JW Marriott Hotel Marina and brings together 220 companies from 12 countries and 675 institutional investors from 252 global firms.

“We are delighted to welcome all our conference participants and invite them to enjoy the vibrant exchange of ideas and engage in the thought-provoking discussions in our interactive meeting spaces,” Awad said.

Hedge funds tracked by Morgan Stanley globally posted growing losses as markets tumbled last week after US President Donald Trump’s announcement of sweeping tariffs, turning year-to-date performance to a 3 per cent decline and driving down their net leverage.

Trump launched a historic trade war on Wednesday, and China retaliated with 34 per cent reciprocal tariffs on US imports on Friday, stoking fears of a global recession and sparking the worst two trading days for stocks since the pandemic in 2020.

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The S&P 500 and FTSE plunged over 10 per cent and 6 per cent respectively after Trump’s announcement. Commodities also tumbled broadly, with oil prices hitting their lowest in four years as of Monday.

Hedge funds had already accelerated their unwinding of positions and sought safety ahead of the tariff announcement, and export-driven Asian markets were at the forefront of the sell-off.

Morgan Stanley estimates US long-short funds net leverage quickly fell to 37 per cent, “just shy of historical lows,” by the end of Friday, from over 50 per cent at the beginning of the year.

A separate note by JP Morgan also said net leverage of hedge funds dropped to around the lowest since late 2023.

Net leverage measures the difference between a fund’s long and short positions against the value of what it owns including borrowings. The lower the net leverage, the more conservative a hedge fund’s position is.

Investors expect significant volatility on risk assets in the near term given the tariff uncertainties and suggest a continued risk-off stance.

“This global selloff has so far been too orderly, so probably more to go,” said Eddie Tam, chief investment officer of Central Asset Investments, a Hong Kong-based hedge fund.

Hong Kong’s Hang Seng Index had its heaviest slide on Monday since 1997.

The Ministry of Hajj and Umrah in Saudi Arabia has set the deadline of April 29 (Dhul Qada 1) for foreign Umrah pilgrims to leave the kingdom in preparation for the annual Hajj season.

According to a report by the Saudi Gazette, the ministry also announced that April 13 (Shawwal 15) is the final date for pilgrims to enter Saudi Arabia to perform Umrah.

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The ministry emphasized that failure to adhere to these dates may result in consequences for both individuals and Umrah service providers, including companies and establishments, who must comply with regulations regarding the departure of pilgrims within the specified timeframe.

The ministry issued a warning, stating that any delays beyond the specified date will be considered a violation. Furthermore, failure by companies and establishments to report overstaying pilgrims may lead to fines of up to SR100,000, in addition to legal action.