Future Aviation Forum 2024 Wraps Up In Riyadh With Major Global Participation And Deals

The third annual Future Aviation Forum (FAF 2024) concluded on Wednesday in Riyadh, surpassing expectations with extensive participation and numerous significant deals. Organised by the General Authority of Civil Aviation (GACA), the forum centred on the theme "Elevating Global Connectivity" and featured 26 exhibitors. It took place from May 20 to 22 under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud.

The event saw the signing of 102 memoranda of understanding (MoUs), agreements, and deals worth over SAR75 billion. Additionally, investment empowerment offers in the Saudi aviation sector were valued at $100 billion. The forum was inaugurated by Minister of Transport and Logistics Services and GACA Chairman of the Board of Directors Eng. Saleh Al-Jasser, marking a significant event for the aviation sector.

More than 8,500 experts and leaders from the global aviation industry attended, including 31 ministers and 77 leaders of civil aviation authorities from 130 countries. Over its three days, the forum exceeded all expectations regarding the volume of deals conducted. The event featured 73 dialogue sessions with 300 speakers, including ministers, aviation authority officials, leaders of aviation organisations, and representatives from Saudi and international companies.

The sessions focused on various topics such as human capabilities, the future of the sector, cooperation mechanisms, civil aviation network, sustainability, innovation, technology, and business opportunities. During the forum, GACA launched the first edition of the Kingdom's aviation sector report. This report highlighted a $53 billion contribution to the Kingdom's economy from the civil aviation sector and the creation of 958,000 jobs across various regions.

Moreover, GACA issued a roadmap for general aviation aimed at developing business aviation and private aircraft sectors in Saudi Arabia. The plan includes increasing the sector's size tenfold by 2030 by allocating six airports for general aviation and nine lounges in commercial airports. This initiative is expected to create 35,000 new jobs.

GACA signed air transport services agreements with multiple countries including Kiribati, Grenada, Malawi, Romania, Belize, Eritrea, Sao Tome and Principe, Lithuania, El Salvador, Albania, Uzbekistan, Mozambique, Eswatini, Cambodia, and Brunei Darussalam. These agreements aim to enhance international air connectivity and cooperation.

Fleet Expansion

Saudi Arabian Airlines (Saudia) signed a deal with Airbus to purchase 105 aircraft from the A320-Neo and A321-Neo models. This acquisition aims to expand and modernise Saudia’s fleet while enhancing air connectivity with countries worldwide.

The Future Aviation Forum has set a new benchmark for global aviation events with its extensive participation and significant deals. The forum's success underscores Saudi Arabia's commitment to advancing its aviation sector through international cooperation and substantial investments.

With inputs from SPA