Saudi Arabia is set to unveil a grand vision for its aviation sector, with an ambitious investment plan totaling $100 billion during the Third Future Aviation Forum (FAF), which it will host from May 20 to May 22.
A significant portion of the investments, over $50 billion, will go to developing the country’s airports. Moreover, the Kingdom expects airlines to place new aircraft orders worth around $40 billion. The remaining $10 billion will go to other aviation projects across Saudi Arabia, including $5 billion to special logistics zones in the major airports of Riyadh, Jeddah and Dammam.
Propelling Vision 2030 forward
This investment drive aligns seamlessly with Saudi Arabia’s Vision 2030 plan, which aims to position the country as a leading logistics hub in the Middle East. With a focus on enhancing connectivity and boosting economic diversification, Saudi Arabia’s national aviation strategy targets significant increases in passenger traffic and cargo shipments by 2030.
Forum overview
The upcoming FAF, themed ‘Elevating Global Connectivity’, promises to be a gathering of global significance. Under the patronage of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al-Saud, the event will bring together over 5,000 aviation experts, industry leaders and government officials from more than 100 countries. Key topics on the agenda include advanced air mobility, safety and security, sustainable fuels, digitalization, and innovation in aviation.
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Aviation leads growth
For his part, minister of transport and logistic services, Eng. Saleh Al Jasser underscored the exceptional investment opportunities in Saudi Arabia’s aviation sector. He highlighted the Kingdom’s geographical advantage and its pivotal role in global logistics. Moreover, he emphasized the government’s commitment to establishing Saudi Arabia as a leading global hub.
Meanwhile, minister of investment Eng. Khalid Al-Falih outlined Saudi Arabia’s ambition to attract $3.3 trillion in investments by 2030, with the aviation sector being a key focus area. Therefore, the FAF provides a platform for investors to engage in discussions and explore opportunities, with a particular emphasis on fostering a competitive and transparent investment environment. Moreover, it seeks to explore potential public-private partnerships for the airports in Abha, Taif, Hail, and Qassim.
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