Business

Moody’s assigns A1 rating to Saudi Arabia’s PIF in its first rating

Published

2 years ago

08/02/2022

MNN

Moody’s Investors Service has assigned an A1 long term issuer rating to Saudi Arabia’s Public Investment Fund, marking the agency’s first rating of the Saudi wealth fund.

“Achieving a credit rating is an important step for PIF as we continue to grow our investment portfolio and achieve our objectives,” Governor of PIF, Yasir Al-Rumayyan, commented.

The credit rating agency has also assigned an Aaa.sa long term issuer national scale rating and an A1 baseline credit assessment to the Kingdom’s sovereign wealth fund, reflecting its strong fundamental credit strengths.

Fahad AlSaif, Head of #PIF’s Global Capital Finance Division, speaks about the Fund’s first-ever credit rating from international rating agencies @MoodysInvSvc and @FitchRatings.

The scorecard establishes the Fund as a strong Investment Grade credit. pic.twitter.com/CbGJfDHt4g

— Public Investment Fund (@PIF_en) February 7, 2022

Aligned with the Government of Saudi Arabia, PIF’s A1 issuer rating reflects its creditworthiness and the ‘very high’ level of interdependence between the Kingdom and PIF, according to Moody’s.

“Our rating is a significant achievement and a reflection of several factors, including our world-class governance, strong financial profile, and the diversity of our business and portfolio,” Al-Rumayyan said.

“This result will further enhance our access to international capital markets and continue to diversify our sources of funding which is in line with PIF’s strategy,” he added.

The outlook on all ratings is stable.

As one of the world’s largest sovereign wealth funds, Saudi PIF is one of the main vehicles to grow the Kingdom’s non-oil economy and reduce its reliance on the hydrocarbon sector.

In line with Vision 2030, the fund has released its Vision Realization Program in 2018, entailing four pillars, namely growing the Fund’s assets, unlocking new sectors in the Kingdom, localizing cutting edge technology and knowledge and building strategic partnerships domestically and internationally.

Source: AN

Business

Maldivian regional fleet grows with fourth ATR arrival

Published

1 day ago

09/05/2024

Maldivian, the national carrier of the island nation on Wednesday, announced the arrival of its newest addition to the fleet, a fourth ATR 42-600 aircraft.

The new aircraft added to the carrier landed at Velana International Airport some time on Wednesday.

In order to commemorate the milestone, a special ceremony was held at VIA which was attended by distinguished guests, officials and key partners.

The new aircraft, Maldivian added, will enhance the airline’s capacity to serve more routes and provide increased connectivity for both locals and tourists. Moreover, this fleet expansion also reflects Maldivian’s commitment to offering exceptional service and convenience to its passengers.

At Wednesday’s event to welcome the new ATR aircraft, Maldivian’s Managing Director Ibrahim Iyas emphasized the importance of the new aircraft in the company’s growth strategy.

“We have made great strides toward achieving both operational excellence and a greater passenger experience with the addition of this brand-new ATR aircraft to our fleet,” Iyas commented.

“This aircraft offers an unprecedented level of comfort thanks to improved interior humidity control and much lower noise levels. Modern avionics and exceptional fuel economy which further support our dedication to sustainability while maximizing performance throughout our expanding network.”

Maldivian fleet currently has 25 aircraft which include an Airbus A320 commercial carrier, four ATRs, nine Dash-8 series aircraft and eleven Twin Otter seaplanes.

Source(s): sun.mv

Business

Economic growth slowed down 4.7% in 2023.: MMA

Published

2 days ago

08/05/2024

Maldives Monetary Authority (MMA) reports the economic growth slowed down 4.7% in 2023.

In its annual report, the central bank reported economic growth slowed owing to muddied performances in the tourism and construction industries.

While last year economic growth slowed 4.7%, it rose by 13.9% in 2022.

Tourism industry activity slipped last year because of the decline in the average duration of stay.

While tourism and construction industries, two of the major economic sectors, observed decline, other major sectors such as financial, fisheries, and private sector credit had gone up.

The Maldives government is taking corrective measures to rectify the economic growth, while President Dr. Mohamed Muizzu’s vision is to elevate the country’s national GDP to USD 12 billion, according to the Minister of Economic Development and Trade Mohamed Saeed.

Source(s): sun.mv

Business

TMA becomes first Asian operator to receive Havilland Certificate

Published

2 days ago

08/05/2024

Trans Maldivian Airways (TMA), the world’s largest seaplane operator, receives De Havilland Canada’s endorsement certificate, making it the first operator in Asia to achieve the recognition.

At the official endorsement ceremony held last Sunday, De Havilland’s Chief Executive Officer Brian Chafe awarded the endorsement to TMA Chief Executive Officer A.U.M Fazy.

De Havilland owners Sherry Brideson and Robert McDonald, along with senior representatives of the Canada’s aerospace company and TMA officiated the ceremony.

TMA Chief Fauzy had thanked De Havilland’s continued support with its Twin Otters, elevating the operator’s success.

De Havilland CEO highlighted TMA’s success of completing two million flight cycles, which he added is unprecedented anywhere else.

The Canadian aerospace company affirmed continued support to TMA in future as well.

Source(s): sun.mv