Future Aviation Forum 2024 Witnesses $19 Billion In Agreements On Day One

The first day of the Future Aviation Forum 2024, held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, saw significant developments. Organised by the General Authority of Civil Aviation (GACA) in Riyadh from May 20-22, the event witnessed the announcement of 47 memoranda of understanding (MoUs), agreements, and deals worth $19 billion.

These agreements encompass aviation services, aircraft purchase orders, cargo and logistics services, advanced air navigation, human resources development, and information technology. Additionally, deals related to maintenance, repair, and renovation were also signed. The third annual forum features participation from over 30 ministers, 77 leaders of civil aviation authorities, CEOs of airlines worldwide, 5,000 aviation industry experts, and leaders from more than 120 countries.

Minister of Transport and Logistic Services and Chairman of GACA Board of Directors Saleh bin Nasser Al-Jasser highlighted that the Kingdom offers substantial opportunities for the private sector and is committed to creating thousands of jobs for its citizens. The forum aims to bring together aviation leaders and experts globally to collaborate on innovative solutions for a prosperous future.

GACA President Abdulaziz bin Abdullah Al-Duailej noted that the first day was marked by numerous commercial deals, initiatives, and agreements aimed at enhancing global connectivity. He stated that these agreements reflect confidence in the growth and investment opportunities within the Kingdom's civil aviation sector.

On the opening day, GACA signed multiple aviation services agreements with Mozambique, Eswatini, Cambodia, and Brunei Darussalam. Saudi Arabian Airlines (Saudia) entered into a deal with Airbus to purchase 105 aircraft of the A320-Neo and A321-Neo models. This acquisition aims to expand and modernise Saudia's fleet, thereby improving global air connectivity with various countries.

Economic Contributions

During the forum, GACA launched the first edition of the Kingdom's aviation sector report. The report highlighted that the civil aviation sector contributes $53 billion to the Kingdom's economy and provides 958,000 jobs across various regions. Additionally, GACA issued a roadmap for general aviation to develop business aviation and private aircraft sectors in Saudi Arabia.

Future Plans

The roadmap aims to increase the size of general aviation tenfold by 2030. This plan includes allocating six airports for general aviation and nine lounges in commercial airports. The expected outcome is an addition of 35,000 new jobs in this sector.

The Future Aviation Forum continues to serve as a platform for discussing issues related to growth, investment, airports, air connectivity, supply-chain management, resilience, human capital, and sustainability. The forum's success underscores Saudi Arabia's leading position in the global aviation sector.

With inputs from SPA