Riyadh is set to become the epicenter for global aviation discussions during the Future Aviation Forum 2024, a prestigious three-day event poised to showcase advancements in air travel and align with Saudi Arabia’s goal of reaping $100 billion from the aviation sector by 2030.
Slated for May 20-22, the forum, themed “Elevating Global Connectivity,” is expected to draw in over 5,000 industry specialists and leaders from more than 100 nations. The congregation will include government ministers, regulatory authorities, and industry giants from the manufacturing, airline, and airport sectors.
The General Authority of Civil Aviation, spearheading the forum, aims to shine a spotlight on several projects and incentives designed to magnetize investments into the Kingdom’s burgeoning aerospace market.
Attendees can anticipate an Investment Showcase featuring investment avenues across airport infrastructure, air carriers, ground services, cargo, and logistics. This showcase is part of the forum’s effort to present the vast investment potential totaling $100 billion, which includes over $50 billion allocated for airport development, approximately $40 billion for aircraft acquisitions, and $10 billion dedicated to ancillary projects.
Building on the triumph of its 2022 counterpart, which saw over 50 deals inked, amounting to $2.7 billion, this year’s forum promises to reveal a series of commercial announcements, strategic roadmaps, and specialized panels emphasizing general aviation.
The forum will be inaugurated by the Minister for Transport and Logistics Services, Saleh Al-Jasser, who has confidently stated that Saudi Arabia is presenting unparalleled opportunities in aviation investment on the global stage. The Saudi Aviation Strategy is tailored to triple passenger traffic, enhance connectivity to over 250 destinations, and manage 330 million passengers alongside 4.5 million tonnes of freight by 2030.
The Minister of Investment, Khaled Al-Falih, will open the Investment Showcase, highlighting Saudi Arabia as an emerging investment nexus with an ambitious target of $3.3 trillion in investments by 2030. The aviation sector is pivotal in the Kingdom’s broader economic metamorphosis.
Al-Falih remarked that the showcase would afford investors a prime opportunity to partake in the Kingdom’s transformative journey. The event will outline investment opportunities in various domains, including the expansive six-runway King Salman International Airport in Riyadh and partnerships for the development of airports in Abha, Taif, Hail, and Qassim.
Additionally, the showcase will delve into prospects in cargo and logistics, advanced air mobility, and business aviation, with briefings on expansion plans for Riyadh Air and other leading regional carriers such as Saudia, Flynas, and Flyadeal.
Prominent forum sponsors include Saudia Group, Matarat, King Salman International Airport, and Saudi Air Navigation Services. High-caliber executives from Boeing, Airbus, and other significant aviation enterprises will also participate.
Moreover, the General Authority of Civil Aviation will disclose a General Aviation roadmap aimed at augmenting the sector’s GDP contribution tenfold to $2 billion by 2030. This strategy will support Saudi Arabia’s evolution as a leading business and tourist locale.
Following the Kingdom’s increase of its tourism target from 100 to 150 million visitors in October 2023, Abdulaziz Al-Duailej, the president of GACA, emphasized that the roadmap would invigorate the general aviation sector by transforming infrastructure and regulations, thus promoting the market.
This initiative follows GACA’s move to eliminate ’empty-leg restrictions’ and streamline economic licensing for aviation stakeholders, enhancing the general aviation landscape.
The forum will also explore themes such as business, talent, collaborations, sustainability, innovation, and technology, with luminaries like Fadi Al-Buhairan, Gaith Al-Gaith, and Mohammed Al-Maghlouth sharing insights.
Commencing with a ministerial speech on tourism and cultural exchange, the forum will transition to discussions on the future of airports, customer-centric digitalization, AI, and sustainable aviation. Panelists will tackle topics ranging from privatization and investment to the safety and future of civil aviation.
The event’s concluding day will feature interactive workshops focusing on support for families affected by aircraft accidents.