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Financially literate Saudi women could add 5–10% to the GDP. Here’s how

In Saudi Arabia, women now own over one million commer­cial registrations, and they hold about 43.7 per cent of leadership roles in some sectors

Shereen Tawfiq
Shereen Tawfiq

02 February, 2026

Financially literate Saudi women could add 5–10% to the GDP. Here’s how
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Over the past decade, female workforce participation in Saudi Arabia has jumped from 20 per cent to over 34 per cent, which is an extraordinary shift in a region where norms and structural barriers once limited women’s economic roles. Yet this progress, though laudable, conceals an even greater economic opportunity.

In my opinion, if Saudi women become financially literate and engaged in higher-value sectors, the kingdom could unlock an additional 5–10 per cent of GDP.

Why financial literacy matters

In 2019, Talat Hafiz, former secretary general and spokesman of Saudi Banks, revealed that 20 per cent of all bank deposits in Saudi Arabia, which accounted for over $53bn, resided in women’s accounts, illustrating the latent financial capacity of Saudi women.

According to data from the 2021 Global Financial Inclusion Survey (Findex), 63.5 per cent of Saudi women held bank accounts, compared to 81.7 per cent of men. This gender gap in access is a recognised barrier. But financial inclusion exceeds merely having a bank account. It encompasses how women use, control, and leverage financial tools.

A study titled The Relationship Between Financial Inclusion and Women’s Financial Worries finds that inclusion in the usage and quality dimensions is what reduces anxiety and empowers decision-making. This requires that financial services be accessible, affordable, usable, and reliable. Moreover, discriminatory laws related to property, collateral, or identity verification (KYC rules) make it harder for women to open accounts, borrow, or invest. Taken together, these insights mean that the path from financial inclusion to economic contribution must be intentional, deep, and quality-focused.

Saudi women: From literacy to economic impact

Let’s connect this to the 5–10 per cent GDP possibility. First, financially literate women are more likely to launch and grow businesses responsibly. With a better understanding of capital structuring, forecasting, and investment, women-led SMEs can scale faster, attract formal funding, and employ more people. In Saudi Arabia, women now own over one million commer­cial registrations, and they hold about 43.7 per cent of leadership roles in some sectors. But many of those new companies remain small-scale or informal due to financial constraints or a lack of financial planning.

Second, women who understand risk, returns, and asset allocation can move beyond savings to investing in stocks, mutual funds, or bonds. Rather than letting deposits lie idle, capital becomes mobile and growth-oriented. As for consumption and stability, literate financial behaviour helps manage debt, smooth consumption over time, and build buffers for shocks. This leads to healthier household finances, reducing volatility in aggregate demand.

And last, as women invest and grow businesses, downstream industries, from suppliers to logistics to services, benefit. The spillovers magnify the direct contributions. If even a fraction of the aforementioned $53bn were channelled into productive investments, or if women’s workforce and entrepreneurial involvement deepened, the aggregate effect could push economic contribution into that 5–10 per cent range.

Globally, women are on track to control 50 per cent of total wealth within the next four years, according to Citibank. Imagine the ripple effect if Saudi women, already outperforming expectations on workforce participation, were to tap into this rising tide of global capital. Even capturing a small share of that momentum could unlock unprecedented economic and social dividends, cementing Saudi Arabia as a powerful investor shaping the kingdom’s future growth story.

Challenges and nuances

This surely is not a happy sunshine goodtime land, and it comes with obstacles. The literature cautions about pitfalls in digital finance and rapid credit expansion, over-indebtedness, and misuse, which are real risks. Hence, financial literacy must go hand in hand with responsible finance, consumer protection, and risk awareness. Furthermore, gendered design in fintech and AI-based credit scoring can inadvertently reproduce bias. Without awareness, algorithmic systems may undervalue women’s credit profiles, even when repayment histories are strong.

Addressing encoded gender norms in tech is essential. Also, norms and culture still restrict women’s autonomy in some households or regions. Changes in legal frameworks, family codes, and social expectations must accompany financial education. Finally, the confidence gap matters. Women often underutilise financial tools even when they understand them. Education must be paired with mentorship, peer networks, and repeated practice.

Policy levers and a national financial literacy strategy

To turn potential into reality, several policy actions are crucial, including embedding financial literacy into school curricula and adult learning programmes, with special focus on usage and quality, not just access, promoting tiered KYC and simplified account rules to reduce barriers for women with limited identity documents, and strengthening consumer protection, financial regulation, and disclosure standards, to mitigate risks and build trust.

It also should take into consideration incentivising fintech and digital platforms to adopt gender-aware design, ensuring women benefit equitably from algorithmic lending and credit scoring, while supporting women’s peer-learning networks, mentorship, and incubation programmes, so literacy is reinforced socially.

The circle wouldn’t be closed without monitoring and evaluating outcomes via disaggregated data, tracking not just account numbers but usage, product diversity, and behavioural shifts.

Saudi Arabia’s transformation under Vision 2030 is anchored in diversifying the economy, boosting savings, and harnessing human capital. Financial literacy among women is a strategic lever. By mastering money, Saudi women are shifting from savers to investors, from participants to leaders, fueling a smarter, more inclusive economy. The numbers already speak for themselves as women in Saudi Arabia reached the Vision 2030 workforce participation target eight years ahead of schedule.

Now, they’re on track to set a new global benchmark, not by only joining the workforce, but by owning their financial futures. The next chapter for them will be about investing, growing wealth, and taking calculated risks with confidence and purpose. Saudi women are proving that financial independence is a national power. And as they chart their own financial destinies, they might redefine what economic leadership looks like for women everywhere.

The writer is the co-founder and CEO of Balinca.

Miral to develop Topgolf venue on Yas Island

Topgolf Yas Island, Abu Dhabi, will join Miral’s existing attractions on the island, including Ferrari World Yas Island, Warner Bros. World Yas Island, and Yas Waterworld Yas Island

Gulf Business
Gulf Business

02 February, 2026

Miral to develop Topgolf venue on Yas Island
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Miral said Topgolf will open on Yas Island, adding a new sports and entertainment attraction to the destination, with completion targeted for 2026.

The project is under construction and has reached 28 per cent completion. Topgolf Yas Island, Abu Dhabi is being developed by Miral in partnership with Viya, an authorised franchise partner of Topgolf.

The venue will include a multi-tier driving range and entertainment facility covering about 6,500 square metres of gross floor area, alongside a 19,000 square metre outfield driving range fitted with TopTracer ball-tracking technology.

The complex will feature 82 hitting bays, including eight VIP bays, designed for players of all skill levels.

Jonathan Brown, chief portfolio officer at Miral, said: “We are excited to announce the development of Topgolf on Yas Island. We look forward to welcoming golf enthusiasts and first-time players to enjoy this dynamic and immersive sporting experience on Yas Island.”

Topgolf venue to include a three-tier multi-entertainment complex

The building will comprise a three-level multi-entertainment complex. The ground floor will include a VR hitting bay, direct access to the tee line for practice and training, lounge space, an event lawn and a Pro Shop selling golf equipment.

Upper levels will house dining venues, including a sports and sky lounge with outdoor terraces, an arcade zone and a flexible event space.

Christopher May, chief executive officer at Viya, said: “Topgolf Yas Island, Abu Dhabi, builds on the proven success of Topgolf Dubai. In just five years, Topgolf Dubai has welcomed more than 2.7 million guests and has been recognised with over 29 industry awards. In partnership with Miral and Topgolf International, we are proud to announce Topgolf Yas Island, Abu Dhabi, marking our next phase of growth in the UAE.”

Miral said the project supports its strategy of integrating technology into sports and entertainment experiences while expanding its regional footprint.

The new venue will add to Abu Dhabi’s leisure and entertainment offering.

Topgolf Yas Island, Abu Dhabi, will join Miral’s existing attractions on the island, including Ferrari World Yas Island, Abu Dhabi, Warner Bros. World Yas Island, Abu Dhabi, Yas Waterworld Yas Island, Abu Dhabi, SeaWorld Yas Island, Abu Dhabi, CLYMB Yas Island, Abu Dhabi and Yas Marina.

It will also complement existing golf facilities on the island, including Yas Links Abu Dhabi and Yas Acres Golf and Country Club.

RAK govt inks key deal to build emirate’s largest wastewater treatment plant

This partnership is RAK’s first PPP venture, marking a strong precedent for future collaboration between the public and private sectors in essential infrastructure

Gulf Business
Gulf Business

01 February, 2026

RAK govt inks key deal to build emirate’s largest wastewater treatment plant
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The government of Ras Al Khaimah (RAK) signed a long-term sewage treatment agreement (STA) with a consortium comprising Etihad Water and Electricity (EtihadWE), TAQA Water Solutions, and Saur International to develop a wastewater treatment plant with a capacity of 60,000 cubic metres per day.

The plant will serve a potential population of 300,000 and is the emirate’s first public-private partnership (PPP) in wastewater infrastructure.

Sheikh Ahmed bin Saud Al Qasimi, chairman of Ras Al Khaimah Public Services Department, said the agreement advances infrastructure projects that support urban development, resource sustainability, and service delivery.

He noted that the PPP model strengthens collaboration with the private sector, accelerates delivery, and provides long-term management of assets.

Project in RAK to improve treatment efficiency

Engineer Khalid Fadel Al Ali, director general of the Public Services Department, said the project will improve treatment efficiency, operational reliability, and infrastructure readiness to meet urban expansion demands. He added that the PPP provides a model for future infrastructure collaborations and investment.

Engineer Yousef Ahmed Al Ali, CEO of Etihad Water and Electricity, said: “The signing of this agreement represents a practical step towards strengthening the resilience and readiness of Ras Al Khaimah’s wastewater infrastructure, while supporting long-term water security objectives. Through this public-private partnership, the government is bringing together public sector leadership with a consortium that has proven capabilities in project development and operations. This partnership enables the delivery of resilient and sustainable assets, enhances public service quality, supports urban growth, and ensures long-term benefits for the community and the environment.”

Wastewater collection to be facilitated by TAQA

Engineer Ahmed Al Shamsi, CEO of TAQA Water Solution, said: “TAQA Water Solutions will collect wastewater at the Ras Al Khaimah Wastewater Treatment Plant through a 6.3km gravity pipeline and distribute the recycled water via a network extending up to 26 km. This will allow for the reuse of 100 per cent of recycled water across areas, including irrigation and cooling, in line with the UAE 2030 Vision, the UAE Net Zero 2050 Strategy and United Nations Sustainable Development Goals related to sustainable cities and communities.”

Christophe Tanguy, CEO of Saur Middle East, stated that the project aligns with Saur International’s expertise in operating integrated wastewater systems, where reliability, environmental performance, and regulatory compliance are fundamental.

The project will use a build–own–operate–transfer (BOOT) model. The consortium will be responsible for design, financing, construction, commissioning, insurance, ownership, operation, and maintenance throughout the project lifecycle.

Ownership of all assets will transfer to the Public Services Department at the end of the term

UAE announces fuel prices for February 2026

Super 98 will cost Dh2.45 per litre in February, down from Dh2.53 in January

Gulf Business
Gulf Business

31 January, 2026

UAE announces fuel prices for February 2026
Image: Getty Images/ For illustrative purposes

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The UAE announced fuel prices for February 2026 on Saturday, with pump rates set to reduce across all fuel categories compared to the previous month.

The new prices will take effect from February 1.

Fuel prices are as follows:

  • Super 98: Dh2.45 per litre, down from Dh2.53 in January

  • Special 95: Dh2.33 per litre, down from Dh2.42 last month

  • E-Plus Petrol: Dh2.26 per litre, lower than Dh2.34 in January

  • Diesel: Dh2.52 per litre, down from Dh2.55 last month

Fuel prices in the UAE are reviewed monthly and adjusted in line with international market movements, following the country’s fuel price deregulation policy.

3 high-end iPhones coming in 2026: Here’s what to expect

The strategy reflects a shift in marketing priorities and challenges tied to rising memory costs and increasingly complex manufacturing processes

Reuters
Reuters

31 January, 2026

3 high-end iPhones coming in 2026: Here’s what to expect
Image credit: Andrew Clare/X account

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Apple is reshaping its iPhone launch strategy for 2026, prioritising its most premium devices as demand for high-end models surges and supply-chain constraints tighten.

The move comes as the company reports blockbuster quarterly results driven by strong iPhone sales, particularly in China, underscoring the growing importance of premium hardware to Apple’s revenue and profit strategy.

According to a Nikkei Asia report published on Friday, January 30, Apple plans to focus production and shipments on three high-end iPhone models for 2026, while delaying the rollout of its standard model. The strategy reflects a shift in marketing priorities and ongoing challenges tied to rising memory costs and increasingly complex manufacturing processes.

Read more-iPhone 18 design, camera and prices: Details, other Apple launches revealed

The report said the US tech giant intends to deliver its first-ever foldable iPhone alongside two non-folding models featuring upgraded cameras and larger displays in the second half of 2026. In contrast, the standard iPhone 18 is now expected to ship in the first half of 2027.

Reuters said it could not immediately verify the Nikkei Asia report, and Apple did not respond to a request for comment outside regular business hours.

Supply-chain pressures shape launch plans

The decision to emphasise premium devices is aimed at optimising resources while maximising revenue and profits at a time when memory chip prices and material costs are rising, the report said. Apple is also seeking to reduce production risks associated with the complex industrial techniques required for its first foldable device.

“Supply chain smoothness is one of the key challenges for this year, and the marketing strategy change also played a part in the decision (to prioritise premium models),” an executive at an iPhone supplier with direct knowledge of the plan told Nikkei Asia.

The shift highlights how Apple is balancing innovation ambitions with operational realities. Foldable devices require more intricate component sourcing and assembly, making production stability a critical concern as the company prepares a flagship launch.

Strong earnings reinforce premium focus

Apple’s reported strategy shift comes as the company posted better-than-expected financial results, driven largely by strong demand for its latest iPhones. On Thursday, Apple beat Wall Street estimates for quarterly revenue, with CEO Tim Cook telling Reuters that demand for the newest handsets was “staggering.”

Apple exceeded analysts’ expectations for quarterly revenue, powered by robust iPhone sales and a sharp rebound in China. The company’s iPhone 17 lineup helped lift sales across key markets, easing concerns that Apple’s hardware business was approaching a plateau.

The devices have been well received for their upgraded camera features and performance improvements, with Apple also benefiting from a wave of upgrades from users who had held onto older models.

Record iPhone revenue and margins

iPhone revenue rose to $85.27bn in Apple’s fiscal first quarter ended December 27, well above analysts’ expectations of $78.65bn. Apple said iPhone sales set records in every geographic segment, pointing to broad-based demand despite ongoing macroeconomic uncertainty.

“The demand for iPhone was simply staggering, with revenue growing 23 per cent year over year to achieve its biggest quarter in history,” Cook told Reuters in an interview.

Overall quarterly revenue reached $143.8bn, up 16 per cent from a year earlier and topping analysts’ average estimate of $138.48bn, according to LSEG. Earnings per share came in at $2.84, comfortably ahead of the $2.67 consensus.

Apple also reported fiscal first-quarter gross margins of 48.2 per cent, exceeding both its own guidance and analyst expectations of 47.45 per cent, according to LSEG data. The result suggests that rising costs for DRAM memory chips and commodities such as gold have not yet materially affected Apple’s bottom line.

Cook declined to comment on memory prices in the interview, saying the topic would be addressed during the company’s quarterly conference call with analysts.

China rebound and global momentum

One of the standout performances came from Greater China, where sales jumped 38 per cent year-on-year to $25.53bn, far surpassing the Visible Alpha estimate of $21.32bn. Apple has faced pressure in China from local competitors and regulatory scrutiny, but Cook said the iPhone achieved a sales record in the region.

He added that the iPhone 17 drove double-digit growth in users switching from Android devices, reinforcing Apple’s competitive positioning in a critical market.

Apple does not disclose sales figures for India, another key growth region, but Cook told Reuters that the company recorded double-digit sales growth there, with revenue records across iPhones, Macs and other products. He also said Apple plans to open a store in Mumbai.

Mixed performance across product lines

Not all segments exceeded expectations. Sales in Apple’s wearables, home and accessories division came in at $11.49bn, missing analysts’ expectations of $12.04bn. Apple last year introduced AirPods Pro 3, which can translate between languages, but Cook said demand exceeded supply.

“AirPods Pro 3 were supply-constrained during the quarter, and we think we would have grown year over year if we would not have been constrained,” he said.

Mac revenue totaled $8.39bn, slightly below analysts’ expectations of $8.95bn. Meanwhile, iPad sales rose to $8.6bn, beating estimates of $8.13bn, supported by education demand and continued traction for higher-priced iPad Pro models.

Revenue from Apple’s services segment, which includes Apple Music and iCloud, climbed to a record $30.01bn, broadly in line with expectations of $30.07bn. Earlier this month, Apple announced a partnership with Alphabet’s Google to integrate Gemini artificial intelligence models into Apple’s ecosystem, part of its broader push to strengthen AI features.

The quiet shift transforming Dubai’s private aviation

ExecuJet has embedded flexibility across systems, training and facility design, with shared client intelligence across both Dubai International (DXB) and Al Maktoum International (DWC)

Rajiv Pillai
Rajiv Pillai

31 January, 2026

The quiet shift transforming Dubai’s private aviation
Dumani Ndebele, regional FBO director of ExecuJet Middle East/Image: Supplied

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Private aviation in the Middle East is undergoing a structural shift. What was once defined by speed, privacy and efficiency is now being reshaped by a more demanding client profile—ultra-high-net-worth individuals (UHNWIs), family offices and C-suite executives who expect environments to adapt seamlessly to the purpose of each journey.

According to Dumani Ndebele, regional FBO director of ExecuJet Middle East, the change is not incremental—it is fundamental.

“The fundamental shift is that UHNWIs now demand private aviation experiences that adapt entirely to their specific needs and circumstances,” Ndebele said. “It’s no longer just about bypassing commercial terminals; it’s about having facilities and services that understand the context of every journey.”

A high-stakes board meeting, a family trip with young children, a diplomatic delegation or a medical evacuation all require different environments, levels of privacy and operational responses. “The ExecuJet facility needs to recognise and respond to these requirements seamlessly,” he said. “What UHNWIs want is the ability to travel on their terms, with facilities that intuitively adapt to their journey’s purpose.”

To deliver this, ExecuJet has embedded flexibility across systems, training and facility design, with shared client intelligence across both Dubai International (DXB) and Al Maktoum International (DWC).

Why experience now matters as much as efficiency

Speed, privacy and operational excellence remain non-negotiable in private aviation. However, Ndebele said ExecuJet recognised early that environment directly affects performance.

“What we have also recognised is that experiential elements enhance wellbeing and performance; they’re not luxury for luxury’s sake,” he said.

ExecuJet’s collaboration with Opera Gallery has turned its terminals into cultural spaces. “Many of our guests are serious art collectors and investors, so this resonates deeply with them,” Ndebele said.

Wellness is another strategic layer. “The ExecuSpa by SENSASIA, featuring a Himalayan salt wall, sauna, and ice fountain, addresses a very real need if for some reason guests must stay longer at the terminal,” he said. “Long-haul travel takes a physical toll, particularly on executives managing demanding schedules across multiple time zones.”

Cultural authenticity also plays a role. “The Majlis Lounge, designed by Nada Debs, reflects cultural authenticity and regional identity, something that matters in this market,” he said.

“What we’ve learned is that the quality of one’s environment directly influences the quality of thinking and decision-making,” Ndebele added. “These elements aren’t simply nice-to-haves; they’re strategic investments in our clients’ state of mind and wellbeing.”

Delivering deeply personalised experiences while maintaining operational discipline across two major airports is a challenge few operators manage well. For ExecuJet, the answer lies in experience-led system design.

“Our journey began at DXB, where we built deep client understanding over many years,” Ndebele said. “That experience informed continuous improvement and became the foundation for our DWC expansion.”

At DWC, ExecuJet designed infrastructure from the ground up using lessons learned in high-traffic environments. “Many clients alternate between DXB and DWC depending on routing and schedules, so the experience must feel unified,” he said.

Consistency is achieved through shared training frameworks, service standards and centralised client intelligence. The scale at DWC reflects this philosophy: a 15,000 square metre terminal featuring the Middle East’s first airside suite, private cocktail and cigar lounges, a kids’ lounge, and a 7,000 square metre climate-controlled hangar.

“At DXB, wing-to-wing transfers, integrated customs and immigration, and our Signature Majlis Lounge maintain privacy in a higher-traffic environment,” Ndebele said. “True personalisation at scale results from long-term experience combined with strong operating discipline.”

Positioning ahead of Dubai’s next aviation phase

Dubai’s $35bn expansion of Al Maktoum International Airport is set to redefine global aviation flows—and ExecuJet has positioned itself well ahead of that curve.

“Our flagship terminal at DWC, which we delivered in December 2023, places us at the epicentre of this growth,” Ndebele said. “We anticipated where the market was heading.”

ExecuJet’s location within the Mohammed Bin Rashid Aerospace Hub is another advantage, alongside proximity to Dassault Aviation’s independent MRO facility. “This ensures immediate maintenance support and maximises aircraft availability for our clients,” he said.

Fleet growth is also underway. “We currently have a privately managed fleet of over 22 aircraft and expect to continue growing this fleet progressively over the coming years,” Ndebele said.

“As Dubai cements its position as the private aviation gateway between Europe, Asia, and Africa, ExecuJet’s global network, operational reliability, and deep regional expertise position us to capture a significant share of this growth.”

Is the surge in private aviation sustainable?

Private aviation demand across the Middle East has reached unprecedented levels, with Dubai firmly at the centre. Ndebele believes the trend is structural rather than cyclical.

“There is a fundamental shift in travel behaviour among UHNWIs, family offices, and C-suite executives, from a move away from first-class commercial travel toward private aviation,” he said.

In the Middle East, privacy and flexibility are business necessities, not indulgences. “Dubai’s geographic positioning is a massive advantage,” Ndebele said. “We’re within an 8-hour flight radius of two-thirds of the world’s population.”

Combined with expatriate wealth inflows, regional headquarters relocations, regulatory stability and continued infrastructure investment, the fundamentals remain strong. “We are observing a clear behavioural shift, with clients transitioning from occasional charter users into frequent flyers,” he said. “This signals genuine market maturity.”

“We are confident the growth trajectory is highly sustainable,” Ndebele added. “It’s being driven by structural shifts in global wealth distribution and fundamental changes in how international business is conducted.”

ExecuJet is often described as sitting at the intersection of luxury hospitality and private aviation. Ndebele sees that hybrid as intentional—but technically demanding.

“From the hospitality world, we have learned that quality is defined by the details guests may not consciously register but immediately feel,” he said. Bespoke Italian furnishings from Giorgetti, Minotti and Poltrona Frau are part of that philosophy.

“At ExecuJet we pride ourselves in applying hospitality principles by delivering a consistent experience across our global network,” Ndebele said.

Where aviation differs is in its constraints. “We operate within strict safety frameworks—precision timing, crew scheduling, airspace coordination are all non-negotiable,” he said. Last-minute changes require complex replanning across multiple domains, without compromising safety.

“Our competitive advantage is our ability to deliver hospitality-level service within aviation-level operational constraints,” Ndebele said. “That’s an extremely difficult balance to strike, but it’s where real value is created.”

For senior executives, time is finite and performance is paramount. Ndebele argues that restorative environments translate directly into decision quality.

“Performance means clarity, resilience, and sustained high-level decision-making across time zones,” he said. Private lounges, soundproofed conference rooms, natural light and controlled acoustics enable either focus or recovery.

“The hour before or after a flight is often the only time executives truly control their environment,” Ndebele said. “The tangible value translates to better decision-making, fewer errors, improved wellbeing, and arriving in a state conducive to their next commitment.”

“Wellness-focused travel is an investment in executive performance, not simply an amenity.”

The future role of FBOs

Looking ahead, Ndebele expects the Middle East to continue setting a different benchmark for FBOs (Fixed Base Operators).

“In Europe and the US, FBOs remain predominantly operations-led, and we don’t see that changing significantly,” he said. “What we’ve done in the Middle East… is define an entirely different model.”

That model positions the FBO as an experience curator rather than a service provider. “The evolution is toward dynamically personalised environments based on real-time intelligence and client preferences,” Ndebele said.

“FBOs are becoming integrated lifestyle platforms through strategic collaborations that extend beyond traditional aviation.”

Read: Dubai’s aviation duo fly high: Flydubai inks 7 deals, Emirates adds London flights

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Financially literate Saudi women could add 5–10% to the GDP. Here’s how