Saudi Arabia’s aviation industry is witnessing a robust ascent, injecting $21 billion into the nation’s economic framework in 2023, thereby enhancing its stature as an international center for tourism.
The General Authority for Civil Aviation (GACA) has indicated that the aviation sector is not only soaring on its own but also propelling growth in other pivotal economic segments, with tourism revenues reaching $32.2 billion, as per a recent press release.
Furthermore, GACA has communicated that the aviation industry has been instrumental in generating 241,000 employment opportunities within the Kingdom, while simultaneously supporting an additional 717,000 jobs in sectors allied with tourism.
It has been reported that Saudi Arabia’s aviation sector surpassed global growth rates in 2023, achieving 123 percent of international pre-pandemic seat capacity. This is notably higher than the average recovery rate of 90 percent globally and 95 percent regionally.
At the upcoming Future Aviation Forum on May 20, GACA is set to showcase these insights in its ‘2024 State of Aviation Report’.
Saudi Arabia’s Minister of Transport and Logistics Services and Chairman of GACA, Saleh Al-Jasser, remarked on the substantial opportunities emerging within the global aviation landscape thanks to the Kingdom’s efforts. These strides are in alignment with the benchmarks of Vision 2030 and the National Strategy for Transport and Logistics services.
The Kingdom is aiming to amplify the aviation industry’s contribution to the national GDP to 10 percent by 2030, up from the present 6 percent, as part of its National Transport and Logistics Strategy.
‘The inaugural State of Aviation report underscores the aviation sector’s substantial role within Saudi society and its economy, bolstered by the unwavering support of the Custodian of the Two Holy Mosques and His Highness the Crown Prince,’ Al-Jasser added.
Abdulaziz Al-Duailej, the president of GACA, stated that the Kingdom is striving to develop a more robust, interconnected, and high-performing aviation sector. This encompasses enhancements in airlines, airports, cargo, logistics, as well as human capability and training systems.
‘Through the development of this report, GACA reaffirms its commitment as a strategic aviation regulator. It aims to track the sector’s progress in line with the objectives of the Saudi Aviation Strategy and to guide GACA’s regulatory functions. The report also assesses the impact of new regulations in fostering increased competition, value, and choice within Saudi Aviation,’ Al-Duailej explained.
At the Future Aviation Forum, Saudi Arabia plans to reveal a comprehensive strategy that envisions a tenfold expansion of its aviation sector, transforming it into a $2 billion juggernaut by 2030.
The forum this year is set to convene over 5,000 industry experts and leaders from in excess of 100 countries to deliberate on the evolution of international air travel and cargo management.