RIYADH, May 9 (KUNA) -- The Kingdom of Saudi Arabia intends to raise the curtain on investment opportunities in the country's aviation sector amounting to USD 100 billion during the Third Future Aviation Forum (FAF) which it will host during the period May 20-22.
A significant portion of the targeted investments, over USD 50 billion, is earmarked for the development of Saudi Arabia's airports. Airlines are expected to place new aircraft orders valued at roughly USD 40 billion, reported the Saudi Press Agency (SPA) on Thursday.
It added that the remaining USD 10 billion will be distributed amongst other aviation-related projects, including USD 5 billion dedicated to special logistics zones within the major airports of Riyadh, Jeddah, and Dammam.
The investment push aligns with the Saudi Vision 2030 plan to transform the country into a leading logistics hub in the Middle East and achieve the goals of the National Aviation Strategy.
The Third Future Aviation Forum (FAF), to be held in Riyadh under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al-Saud, is themed "Elevating Global Connectivity".
It will highlight investment opportunities across airports, airlines, ground services, air freight, and logistics. It brings together over 100 countries and more than 5,000 aviation experts, airline executives, aviation authority officials, manufacturers, and airport leaders.
Key topics of discussion include advanced air mobility, aviation safety and security, sustainable fuels, digitalization and artificial intelligence (AI) in aviation, logistics, global partnerships, and innovation.
Minister of Transport and Logistic Services Eng. Saleh Al-Jasser highlighted the country's exceptional investment opportunities in aviation.
The National Aviation Strategy aims to increase passenger traffic and connect the Kingdom to over 250 destinations worldwide by 2030. The strategy also targets an annual cargo shipment volume of 4.5 million tons.
Al-Jasser pinpointed Saudi Arabia's geographical advantage - its position at the crossroads of three continents. This, he explained, strengthens the country's bid to become a global logistics powerhouse.
The Future Aviation Forum serves as a platform to capitalize on this advantage, aligning with the civil-aviation sector strategy's goal of establishing the Kingdom as a leading and integrated global logistics hub, as envisioned by the National Transport and Logistics Strategy.
Minister of Investment Eng. Khalid Al-Falih highlighted Saudi Arabia's ambition to attract USD 3.3 trillion in investments by 2030.
The aviation sector is a key focus area, playing a crucial role in the country's economic diversification plans. The forum provides a platform for investors to participate in this transformation journey.
Al-Falih emphasized the Kingdom's commitment to fostering a competitive, transparent, and incentive-rich investment environment.
The country prioritizes innovation, human capital development, and attracting foreign direct investment, creating fertile ground for businesses from both within and outside Saudi Arabia.
FAF 2024 promises a dynamic gathering. Investors will engage in meetings and discussions focused on major ongoing projects in the Kingdom, including the King Salman International Airport project.
The forum will also explore potential public-private partnerships for the airports in Abha, Taif, Hail, and Qassim.
Aviation sector suppliers will gain valuable insights into the expansion plans of Riyadh Air, Saudia Airlines, flynas, and flyadeal.
The forum boasts a prestigious attendee list, including executives from leading international companies like Boeing, Airbus, Commercial Aircraft Corporation of China, Ltd. (COMAC), and Embraer. (end) kns.ibi