Saudi Arabia's Future Aviation Forum In Riyadh Marks Historic Aircraft Purchase And Investment Opportunities

Riyadh: The first day of the highly anticipated Future Aviation Forum in Riyadh witnessed a groundbreaking announcement by Saudia— the largest aircraft purchase deal globally. Saudia has acquired 105 aircraft, specifically the A320neo and A321neo models, from Airbus. This move aims to expand and modernize the airline's fleet while enhancing air connectivity with countries across the world.

The Future Aviation Forum is a premier event showcasing investment opportunities in the Kingdom's aviation sector, valued at approximately $100 billion. Over the course of the forum, more than 70 agreements and deals worth an estimated $12 billion are expected to be signed. Major global companies have also announced several agreements during this prestigious event.

Organized by GACA (General Authority of Civil Aviation), the Future Aviation Forum has brought together over 30 government ministers, 77 heads of civil aviation authorities, and representatives from international air carriers. With the participation of more than 5,000 aviation industry experts and leaders from over 120 countries, this forum serves as a global platform for exchanging expertise and insights.

Over the course of three days, the Future Aviation Forum and its accompanying exhibition will focus on key themes that are paramount to the future of the aviation sector. These include sustainability, innovation and technology, business opportunities, and investments in human capital. Comprising 120 speakers, the event offers an opportunity to engage with prominent issues in the global aviation industry, such as growth and investment, airports and air connectivity, supply chain management and resilience, air cargo and logistics, air traffic and the future of aviation, technology, digital transformation and safety, human capital, and sustainability.

During his opening address, Al-Jasser, the President of GACA, highlighted Saudi Arabia's remarkable progress across various sectors, driven by the country's wise leadership. He emphasized the "promising opportunities" available to both domestic and international investors in Saudi Arabia's aviation and air transport industries. Astutely emphasizing the Kingdom's commitment to supporting the global aviation industry, Al-Jasser stressed that the activities, agreements, and deals at the forum will play a crucial role in meeting new challenges within the aviation sector.

Furthermore, Al-Jasser shared key achievements in the Kingdom's civil aviation sector over the past two years, aligning with the National Transport and Logistics Strategy. Saudi Arabia's recognition in the International Air Transport Association (IATA) Air Connectivity Index climbed to the 13th position. Notably, the sector experienced a significant increase in the number of passengers, surpassing pre-pandemic levels with a record-breaking 111 million passengers in 2023, reflecting a 26% year-on-year growth compared to 2022.

The government has also introduced new economic policies tailored to the civil aviation sector, encompassing regulations for airports, ground services, air freight, and air transport services. Al-Jasser highlighted initiatives such as the establishment of Riyadh Air, aimed at connecting the capital with over 100 international destinations, and the master plan for the King Salman International Airport project in Riyadh. This ambitious project is set to increase the airport's capacity to accommodate 100 million passengers by 2030.

The President of the International Civil Aviation Organization (ICAO) Council, Salvatore Sciacchitano, commended Saudi Arabia for hosting the third edition of the Future Aviation Forum. Sciacchitano affirmed the Kingdom's dedication to the future of aviation and enhancing global connectivity—central themes to be discussed during the event. He also emphasized the importance of aviation policies that foster cooperation, develop skills and capabilities, commit to sustainability, and leverage technologies to enhance global connectivity and support economic and social development.

In the event's first session, GACA President Abdulaziz Al-Duailej reviewed the notable challenges, transformations, and accomplishments witnessed in the global aviation sector. He highlighted the growth in the number of passengers, flights, and air cargo within the Saudi civil aviation sector, emphasizing the role of the aviation strategy in supporting sustainable growth.

The Future Aviation Forum in Riyadh promises to be a significant platform for advancing the aviation sector, driving economic growth, and fostering global connectivity.