Riyadh to Unveil Ambitious Roadmap for Aviation Sector Growth at Future Aviation Forum
Get ready for a game-changing announcement as Saudi Arabia gears up to unveil its ambitious roadmap for growing the aviation sector tenfold into a $2 billion industry. The plans, set to be revealed at the 2024 Future Aviation Forum in May, will cover the business jet segment, supporting the kingdom’s development as a global high-value enterprise and tourist destination.
Forum Details and Goals
The 2024 Future Aviation Forum, scheduled from May 20 to 22 in Riyadh, will bring together 5,000 leaders, including private investors, operators, and service providers. With Saudi Arabia revising its 2030 tourism target upwards to 150 million visitors, the forum aims to turbocharge the general aviation sector within the kingdom.
General Authority of Civil Aviation’s Vision
President Abdulaziz-Al Duailej of the General Authority of Civil Aviation (GACA) emphasized the importance of general aviation in growing high-value sectors like tourism, business, and entertainment events. The roadmap will transform infrastructure and regulations while promoting and enhancing general aviation services in the market.
Support for Private Aviation
The roadmap will provide support for private aviation aircraft owners, lessors, investors, operators, and service providers through coordinated infrastructure investment and regulatory streamlining. GACA’s recent removal of “empty-leg restrictions” and simplification of economic license requirements aim to boost the general aviation sector.
Investment Opportunities at FAF 2024
The 2024 Future Aviation Forum will see aviation leaders from over 100 countries gathering in Riyadh. Saudi Arabia plans to unveil more than $100 billion in investment opportunities, including projects in airports, airlines, ground services, cargo, and logistics. With airports accounting for over $50 billion, new aircraft orders around $40 billion, and special logistics areas receiving $5 billion, the forum promises significant growth opportunities.
Commercial Agreements and Deals
The previous edition of the forum saw the signing of over 50 agreements and $2.7 billion in deals. The upcoming event will feature commercial announcements, specialist general aviation panel sessions, and the highly anticipated roadmap unveiling. Get ready to witness the future of aviation in Saudi Arabia at the 2024 Future Aviation Forum.