Between 20-22 May, under the esteemed patronage of King Salman bin Abdulaziz Al-Saud, the General Authority of Civil Aviation (GACA) is hosting the 3rd edition of the Future Aviation Forum (FAF 2024) in Riyadh, Saudi Arabia.
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More than 5,000 aviation experts and leaders from over 100 countries are expected to attend, including ICAO, IATA, ACI, all major global manufacturers, airlines and airports. FAF 2024 focuses on ‘Elevating Global Connectivity’ and strives to enhance aviation collaboration via global partnerships, fostering innovation, sustainable air travel, and cultural exchange.
The Forum will connect global leaders in the aviation sector from across the value chain and adjacent industries to offer unrivalled knowledge exchange and business opportunities in a dynamic and critical economic sector. The forum’s 2022 edition saw the signing of over 50 agreements and deals totaling $2.7 billion.
Saleh bin Nasser Al-Jasser, Minister for Transport and Logistics Services, said: โSaudi Arabia is offering unparalleled aviation investment opportunities globally. The Saudi Aviation Strategy aims to triple passenger numbers, connect to over 250 destinations, and manage 330 million passengers and 4.5 million tonnes of cargo by 2030. Saudi Arabia is the worldโs new investment hub, targeting $3.3 trillion in investment by 2030. Aviation is a key investment sector and enabler of the Kingdomโs broader economic transformation,โ Al-Jasser added.
According to the first edition of the “๐๐ต๐ข๐ต๐ฆ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐๐ท๐ช๐ข๐ต๐ช๐ฐ๐ฏ ๐๐ฆ๐ค๐ต๐ฐ๐ณ ๐ช๐ฏ ๐ต๐ฉ๐ฆ ๐๐ช๐ฏ๐จ๐ฅ๐ฐ๐ฎ” report, launched during FAF 2024, the aviation sector in the kingdom contributes $53 billion to the GDP. More precisely, the civil aviation sector contributes $20.8 billion through aviation activities and $32.2 billion from the tourism sector, providing 241,000 direct job opportunities in the aviation sector and approximately 717,000 jobs in the tourism sector.
Key takeaways from the report
- Saudi Arabia surpassed the global average growth in international seat capacity by 123% compared to pre-COVID-19 levels, while the global and regional recovery averages are 90% and 95%, respectively.
- The annual growth rate in the number of passengers reached 26%, with 112 million passengers last year.
- The Kingdom plans to invest over $100 billion in the aviation sector by 2030, including $50 billion for airport development and $40 billion for purchasing new aircraft.
Strategic importance of Riyadh Air
- The airline will contribute to improving the Kingdom’s international air connectivity, enhancing its position as a logistics hub in the region.
- Riyadh Air supports the Kingdom’s goal to attract 150 million visitors by 2030, enhancing the tourism sector’s contribution to the economy. Moreover, it will provide thousands of job opportunities in aviation and logistics services.
- It aligns with the national strategy for transport and logistics services, enhancing the Kingdom’s transformation into a global air transport hub.