The Saudi General Authority of Civil Aviation (GACA) has revealed that the country’s civil aviation sector is playing a crucial role in driving economic growth, contributing $53 billion to the Gross Domestic Product (GDP).
This was announced in GACA’s inaugural 2024 State of Aviation Report, which will be launched at the upcoming Future Aviation Forum in Riyadh.
Transformative growth and opportunities
Transport Minister and GACA Chairman Saleh Al-Jasser highlighted the significant strides made by Saudi Arabia’s aviation sector, aligning with the transformative goals of Vision 2030 and the National Transport and Logistics Strategy.
Furthermore, these advancements have created unprecedented opportunities in the aviation sector.
Enabling economic activity and employment
The report reveals that the Saudi aviation sector contributes $20.8 billion through aviation-related activities, enabling a further estimated $32.2 billion in tourism economic activity. Additionally, aviation supports 241,000 jobs, with a further estimated 717,000 jobs in the tourism sector.
Read more: Saudi Arabia to launch $2 billion general aviation roadmap at Future Aviation Forum
Outperforming global trends
The report captures the transformation of Saudi aviation, with the country outperforming global aviation sector growth rates in 2023 – achieving 123 percent of international pre-pandemic seat capacity compared to a global and regional average recovery rate of 90 percent and 95 percent respectively, with 2023 growth amounting to 26 percent as total passenger volumes reached 111.7 million.
Showcasing investment opportunities
Hosted by GACA under the patronage of the Custodian of the Two Holy Mosques King Salman, the Future Aviation Forum will showcase investment opportunities exceeding $100 billion, aimed at realizing Vision 2030 objectives to position Saudi Arabia as a leading logistics hub in the Middle East.
This includes $50 billion in airport investments and nearly $40 billion in new aircraft orders, with the remaining $10 billion allocated to various projects, including $5 billion for logistics zones at major airports in Riyadh, Jeddah, and Dammam.
The event will convene more than 5,000 aviation experts and leaders from more than 100 countries to shape the future of aviation, including executives from international carriers, all major global manufacturers, airport executives, industry leaders and regulators.
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