Imagine a world where Saudi Arabia stands at the forefront of global aviation, drawing in investments worth an astounding USD 100 billion. This vision is set to unfold at the Third Future Aviation Forum (FAF) in Riyadh from May 20-22, showcasing the Kingdom’s ambitious plans for its aviation sector.
Unveiling Unprecedented Investments
A remarkable portion of these investments—over USD 50 billion—is allocated for the enhancement of Saudi Arabia’s airports. Furthermore, airlines are gearing up to place aircraft orders valued at approximately USD 40 billion. An additional USD 10 billion will support various aviation projects, including USD 5 billion for special logistics zones at major airports in Riyadh, Jeddah, and Dammam.
This monumental investment drive aligns with Saudi Vision 2030, aiming to transform the Kingdom into the Middle East’s premier logistics hub. The forum, themed “Elevating Global Connectivity,” is under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud.
Global Gathering of Aviation Leaders
FAF will spotlight opportunities across airports, airlines, ground services, air freight, and logistics, drawing participation from over 100 countries and more than 5,000 aviation experts. These include airline executives, aviation authority officials, manufacturers, and airport leaders.
Key discussions will revolve around advanced air mobility, aviation safety and security, sustainable fuels, digitalization and artificial intelligence (AI), logistics, global partnerships, and innovation. Minister of Transport and Logistic Services, Eng. Saleh Al-Jasser, emphasized Saudi Arabia’s exceptional investment prospects in aviation.
The National Aviation Strategy aims to enhance passenger traffic and connect the Kingdom to more than 250 destinations globally by 2030, with a target of 4.5 million tons of annual cargo shipments. Al-Jasser highlighted Saudi Arabia’s strategic geographic location at the crossroads of three continents, bolstering its ambition to become a global logistics powerhouse.
Strategic Vision and Global Partnerships
The Future Aviation Forum serves as a crucial platform to leverage this geographic advantage, aligning with the civil-aviation sector’s strategy to establish the Kingdom as a leading global logistics hub, as envisioned by the National Transport and Logistics Strategy.
Minister of Investment Eng. Khalid Al-Falih outlined Saudi Arabia’s goal to attract USD 3.3 trillion in investments by 2030, with the aviation sector playing a pivotal role in economic diversification. The forum offers investors a unique opportunity to engage in this transformative journey.
Al-Falih reiterated the Kingdom’s dedication to nurturing a competitive, transparent, and incentive-rich investment climate. Saudi Arabia places a strong emphasis on innovation, human capital development, and attracting foreign direct investment, providing a fertile environment for businesses worldwide.
FAF 2024 promises a vibrant assembly where investors will engage in discussions on major projects, including the King Salman International Airport project. The forum will also explore potential public-private partnerships for airports in Abha, Taif, Hail, and Qassim.
Suppliers in the aviation sector will gain insights into the expansion strategies of Riyadh Air, Saudia Airlines, flynas, and flyadeal. The event will host esteemed attendees, featuring executives from leading international companies such as Boeing, Airbus, Commercial Aircraft Corporation of China, Ltd. (COMAC), and Embraer.
