In a major announcement, Saudi Arabia is poised to present a comprehensive strategy that aims to expand its aviation sector to a massive $2 billion industry. This strategic vision will be revealed at a prominent event slated for May.
The strategy encompasses the expansion of the business jet sphere, which includes charter, private, and corporate aircraft, and will bolster Saudi Arabia’s stature as a prime destination for high-value enterprises and tourism.
Key aspects of the strategy will be disclosed during the 2024 Future Aviation Forum, which will bring together over 5,000 influential figures, including private investors, operators, and service providers, in Riyadh from May 20 to 22.
This announcement aligns with the Kingdom’s updated tourism goals, having raised its 2030 target from 100 million to 150 million visitors in October 2023.
The General Authority of Civil Aviation is set to host the forum, and its President Abdulaziz-Al Duailej has emphasized the importance of general aviation in elevating crucial sectors such as tourism, business, and entertainment events within the Saudi economy.
“The General Aviation roadmap is set to propel the sector forward within the Kingdom, revolutionizing infrastructure and regulations, and concurrently evolving, promoting, and improving general aviation services in the market,” said Al Duailej.
The roadmap is designed to support stakeholders in the private aviation sector, including aircraft owners, lessors, and investors, as well as operators and service providers, by facilitating investments in infrastructure and simplifying regulations.
This plan follows key regulatory changes made by GACA, such as the elimination of ’empty-leg restrictions’ and the streamlining of economic license requirements for operators and investors in October 2023, to stimulate the general aviation sector.
The FAF 2024 is expected to attract aviation leaders from over 100 countries, including ministers, regulators, manufacturers, airlines, and airports, to convene in Riyadh.
The forum will also introduce over $100 billion in investment opportunities as part of Saudi Arabia’s ambitious aviation strategy.
An investment showcase at the forum will spotlight projects and incentives spanning airports, airlines, ground services, cargo, and logistics.
Out of the total investment opportunities, airports constitute over $50 billion, new aircraft orders around $40 billion, with the remaining $10 billion allocated to various projects, including $5 billion for specialized logistics zones near key airports in Riyadh, Jeddah, and Dammam.
The previous edition of the forum in 2022 witnessed the signing of over 50 agreements and $2.7 billion in deals. The forthcoming event is anticipated to feature commercial announcements, the unveiling of the roadmap, and specialized panels on general aviation.