Riyadh, Saudi Arabia: High participation and successful deals saw the successful wrapping up of the third Future Aviation Forum. Over 75 billion riyals of agreements, memorandums of understanding, and partnerships have been inked in the Saudi aviation sector as part of the summit, offering three proposals to attract investors worth a combined $100 billion.
31 ministers, 77 civil aviation authorities, and almost 8,500 aviation experts and leaders from 130 different nations attended the event. Additionally, Saudi Arabia has agreements with multiple nations for air transport services.
Saudi Arabia's Riyadh, May 23, 2024 In Riyadh, Saudi Arabia, on Wednesday, the third annual Future Aviation Forum (FAF 2024) concluded successfully with a number of significant deals and a high turnout.With the topic "Elevating Global Connectivity," the General Authority of Civil Aviation (GACA) held a forum that drew 26 exhibitors in all. The custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, presided over the gathering, which took place from May 20 to May 22.Memoranda of understanding (MoUs), collaborations, and agreements worth approximately SAR 75 billion were inked by attendees at the conference. Besides that, the Saudi aviation industry announced three more investor empowerment projects, amounting to one hundred billion dollars. The forum was inaugurated by the Minister of Transport and Logistics Services and the Chairman of the GACA Board of Directors, Eng. Saleh Al-Jasser.
It was a historic moment for the aviation industry, and it marked the beginning of a fantastic celebration week. Approximately 8,500 aviation experts and leaders from different parts of the globe attended the event, accompanied by 31 ministers and 77 civil aviation agencies from 130 different countries. In the course of the three-day event, the level of transactions that took place at the forum exceeded every expectation. There were 300 speakers in all across the 73 different debate sessions of the event.Ministers, representatives from participating nations' aviation agencies, business leaders from Saudi and international companies, and executives from aviation associations were among the speakers.A wide range of topics were covered in the sessions. Human traits, the industry's future, cooperative methods, the network of civil aviation, sustainability, innovation, technology, and business potential were a few of these subjects.The Government Aviation Council of the Kingdom (GACA) presented the first edition of the aviation sector report for the Kingdom during the event, in addition to highlighting the estimated $53 billion economic impact of the civil aviation sector on the Kingdom and the fact that it has created 958,000 jobs throughout the Kingdom.
Furthermore, the Kingdom's corporate aviation and private aircraft industries are expected to develop tenfold by 2030, according to a general aviation strategy created by GACA. More accurately, this involves reserving nine lounges at the commercial airports and six airports for general aviation to create an additional 35,000 jobs. A few countries have agreements with the Global Air Transport Association with respect to air transport services. These nations are Albania, Uzbekistan, Mozambique, Eswatini, Cambodia, Brunei Darussalam, Kiribati, Grenada, Malawi, Romania, Belize, Eritrea, Sao Tome & Principe, Lithuania, and El Salvador.A deal between Airbus and Saudi Arabian Airlines (Saudia) would enable Saudia to buy 105 A320 and A321 Neo aircraft. As a result, Saudi Arabia will be able to modernize and grow its fleet and enhance its capacity to offer air travel to countries worldwide.
