GACA launches first aviation sector report for Saudi Arabia highlighting contributions of $53 billion
The second day of the Future Aviation Forum 2024 in Riyadh, held from May 20-22, under the patronage of King Salman bin Abdulaziz Al Saud, marked a significant milestone with the signing of 102 memoranda of understanding (MoUs), agreements and deals worth over SAR75 billion ($20 billion).
Propelling civil aviation sectors
Organized by Saudi Arabia’s General Authority of Civil Aviation (GACA), the forum exceeded expectations with agreements encompassing various sectors of civil aviation. The Future Aviation Forum 2024 saw the signing of agreements in sectors including aviation services, aircraft purchase orders, cargo and logistics services, advanced air mobility, human resources development, information technology, maintenance, repair, and overhaul.
The second day of the Future Aviation Forum 2024 focused on human capabilities, the future of the sector, collaboration opportunities, civil aviation organization networks, sustainability, innovation, technology, and business opportunities within the sector.
Moreover, it saw the launch of GACA’s first aviation sector report for Saudi Arabia, which highlighted the civil aviation sector’s contribution to the Kingdom’s economy. Notably, the sector’s contributions reach $53 billion and provide over 958,000 jobs across various regions of Saudi Arabia.
Read: Saudi Arabia set to launch new air carrier later this year: GACA Vice President
Aviation investment exhibition
Furthermore, GACA hosted its first aviation investment exhibition, which aims to facilitate investment in the Saudi aviation sector. The exhibition also hosted multiple pavilions, including the advanced air mobility pavilion.
“The Future Aviation Forum has achieved remarkable success by bringing together aviation industry leaders and experts from around the world to discuss the future of civil aviation and develop innovative solutions to its key challenges,” said Minister of Transport and Logistic Services and Chairman of GACA Board of Directors, Saleh bin Nasser Al-Jasser.
Moreover, he emphasized Saudi Arabia’s commitment to providing more opportunities for the private sector. In addition, the Kingdom aims to create thousands of jobs for Saudi citizens, continue to attract investments and develop the Kingdom’s aviation capabilities.
For his part, GACA President Abdulaziz bin Abdullah Al-Duailej said the outcomes of the Future Aviation Forum 2024 have exceeded all expectations. “Over the first and second days, agreements, deals and partnerships were established that will work towards enhancing the global aviation connectivity. This underscores the international confidence in the Saudi civil aviation system and its capability to take on a leading role in this pivotal sector,” said Al-Duailej.
On the second day, GACA also signed numerous agreements for air transport services with countries including Kiribati, Grenada, Malawi, Romania, Belize, Kiribati, Sao Tome and Principe, Lithuania, El Salvador, Albania, and Uzbekistan. These agreements added to the agreements of the first day, which included countries like Mozambique, Eswatini, Cambodia, and Brunei Darussalam.
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