Saudi Arabia's $2 Billion Aviation Sector Expansion: Unveiling the Roadmap at the 2024 Future Aviation Forum
Saudi Arabia is planning to expand its aviation industry tenfold into a $2 billion sector by 2024.
The plans include the business jet segment, such as charter, private, and corporate aircrafts.
The expansion is aimed at supporting Saudi Arabia's development as a global high-value enterprise and tourist destination.
The details of the roadmap will be shared at the 2024 Future Aviation Forum, which will bring together 5,000 leaders, including investors, operators, and service providers.
The forum is hosted by the General Authority of Civil Aviation, and its President, Abdulaziz-Al Duailej, stated that general aviation is crucial for growing high-value sectors of the Saudi economy, including tourism, business, and entertainment events.
The tourism target for Saudi Arabia was revised upwards from 100 million to 150 million visitors in October 2023.
The General Civil Aviation Authority (GACA) of Saudi Arabia is launching a roadmap to boost the general aviation sector in the country.
This plan aims to transform infrastructure and regulations, attract investors, and enhance services for private aviation aircraft owners, lessors, and investors, as well as operators and service providers.
The announcement comes after GACA removed "empty-leg restrictions" and simplified economic license requirements in October 2023.
GACA invites investors, operators, and service providers to the Future Aviation Forum in May to learn more about this ambitious plan.
The FAF 2024 aviation conference in Riyadh will bring together over 100 countries' aviation leaders.
Saudi Arabia will reveal over $100 billion in investment opportunities at the event, with $50 billion allocated to airport development, $40 billion for new aircraft orders, and $10 billion for other projects such as logistics areas around major airports in Riyadh, Jeddah, and Dammam.
The 2022 aviation forum resulted in over 50 agreements and $2.7 billion in deals.
The upcoming event will include commercial announcements, as well as panel sessions focused on the roadmap and specialist general aviation.