Future Aviation Forum 2024 Concludes with $20B in Deals

Riyadh, May 23, 2024 — The third annual Future Aviation Forum (FAF 2024) concluded on Wednesday in Riyadh, surpassing expectations with broad international participation and the signing of landmark agreements valued at more than SAR75 billion. Organized by the General Authority of Civil Aviation (GACA) under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, the forum underscored the Kingdom’s growing role as a global aviation hub and its commitment to advancing Vision 2030 objectives.

Context and Background

The Future Aviation Forum, held from May 20 to 22, brought together 26 exhibitors and over 8,500 experts and leaders from the global aviation industry. The event was inaugurated by Eng. Saleh Al-Jasser, Minister of Transport and Logistics Services and Chairman of the GACA Board of Directors, marking the beginning of a grand celebratory week for the sector. With the theme “Elevating Global Connectivity,” the forum highlighted Saudi Arabia’s strategic vision to enhance international cooperation and innovation in civil aviation.

Key Details

The forum witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals with a total value exceeding SAR75 billion, alongside numerous investment empowerment offers in the Saudi aviation sector valued at $100 billion. A notable highlight was the agreement between Saudi Arabian Airlines (Saudia) and Airbus for the purchase of 105 A320-Neo and A321-Neo aircraft, aimed at expanding and modernizing its fleet and enhancing global air connectivity.

GACA also launched the first edition of the Kingdom’s aviation sector report, revealing that the civil aviation sector contributes $53 billion to the national economy and supports 958,000 jobs across various regions. Additionally, GACA issued a roadmap for general aviation, targeting a tenfold increase in the business aviation and private aircraft sector by 2030, including the allocation of 6 airports for general aviation and 9 lounges in commercial airports, with expectations to create 35,000 new jobs.

Furthermore, GACA signed air transport services agreements with 15 countries: Kiribati, Grenada, Malawi, Romania, Belize, Eritrea, Sao Tome and Principe, Lithuania, El Salvador, Albania, Uzbekistan, Mozambique, Eswatini, Cambodia, and Brunei Darussalam.

Implications and Impact

The forum’s outcomes are set to significantly boost Saudi Arabia’s aviation infrastructure and its position as a global logistics and tourism hub. The agreements will enhance connectivity, attract foreign investment, and create thousands of jobs, aligning with the Kingdom’s goals to diversify its economy and increase non-oil revenues. The participation of 31 ministers and 77 leaders of civil aviation authorities from 130 countries underscores the international community’s recognition of Saudi Arabia’s leadership in shaping the future of aviation.

Vision 2030 Alignment

The Future Aviation Forum 2024 exemplifies Saudi Arabia’s unwavering commitment to Vision 2030, which seeks to transform the Kingdom into a global investment powerhouse and a hub connecting three continents. By fostering international partnerships, advancing technological innovation, and expanding the aviation sector, Saudi Arabia is not only elevating global connectivity but also creating a sustainable and prosperous future for its citizens and the world.

20 Questions

Q1. What was the main theme of the Future Aviation Forum 2024?

A1. The forum’s theme was “Elevating Global Connectivity,” focusing on enhancing international aviation links and cooperation. It reflected Saudi Arabia’s ambition to become a global aviation hub and underscored the importance of collaboration among nations to advance the sector.

Q2. How many exhibitors participated in FAF 2024?

A2. There were 26 exhibitors at the forum, showcasing the latest innovations and services in the aviation industry. Their participation highlighted the event’s role as a platform for business and knowledge exchange.

Q3. Who inaugurated the Future Aviation Forum 2024?

A3. The forum was inaugurated by Eng. Saleh Al-Jasser, Minister of Transport and Logistics Services and Chairman of the GACA Board of Directors. His leadership emphasized the government’s strong support for the aviation sector’s growth.

Q4. What was the total value of deals signed at the forum?

A4. Deals signed at the forum exceeded SAR75 billion, encompassing 102 memoranda of understanding and agreements. These deals are expected to significantly boost the Saudi aviation sector and its contribution to the economy.

Q5. How many jobs does the civil aviation sector support in Saudi Arabia?

A5. The sector supports 958,000 jobs across various regions of the Kingdom, according to the first edition of the Kingdom’s aviation sector report launched at the forum. This underscores the sector’s vital role in employment and economic diversification.

Q6. What is the value of investment empowerment offers in the Saudi aviation sector?

A6. The offers are valued at $100 billion, presenting significant opportunities for investors and partners. They reflect the Kingdom’s commitment to attracting foreign investment and advancing its aviation infrastructure.

Q7. Which airline signed a deal with Airbus for new aircraft?

A7. Saudi Arabian Airlines (Saudia) signed a deal with Airbus to purchase 105 A320-Neo and A321-Neo aircraft. This move aims to modernize its fleet and enhance air connectivity with countries worldwide.

Q8. How many dialogue sessions were held during the forum?

A8. The forum featured 73 dialogue sessions with 300 speakers, including ministers, aviation officials, and industry leaders. These sessions covered topics such as sustainability, innovation, and business opportunities.

Q9. What does the general aviation roadmap aim to achieve by 2030?

A9. The roadmap aims to increase the size of the business aviation and private aircraft sector tenfold by 2030. It includes allocating 6 airports for general aviation and 9 lounges in commercial airports, with expectations to create 35,000 new jobs.

Q10. How many countries were represented at the forum?

A10. Representatives from 130 countries attended the forum, including 31 ministers and 77 leaders of civil aviation authorities. This broad participation highlights Saudi Arabia’s global standing in the aviation industry.

Q11. What is the contribution of civil aviation to Saudi Arabia’s economy?

A11. Civil aviation contributes $53 billion to the Kingdom’s economy, as reported in the aviation sector report. This figure demonstrates the sector’s significant impact on national GDP and economic growth.

Q12. Which organization organized the Future Aviation Forum?

A12. The forum was organized by the General Authority of Civil Aviation (GACA), which plays a pivotal role in developing and regulating the Kingdom’s aviation sector. GACA’s efforts are aligned with Vision 2030 goals.

Q13. What are some of the countries with which GACA signed air transport agreements?

A13. GACA signed agreements with Kiribati, Grenada, Malawi, Romania, Belize, Eritrea, Sao Tome and Principe, Lithuania, El Salvador, Albania, Uzbekistan, Mozambique, Eswatini, Cambodia, and Brunei Darussalam. These agreements expand Saudi Arabia’s global aviation network.

Q14. How does the forum support Vision 2030?

A14. The forum supports Vision 2030 by fostering international partnerships, driving investment, and creating jobs in the aviation sector. It aligns with the Kingdom’s goal to diversify the economy and become a global logistics hub.

Q15. What was the duration of the Future Aviation Forum 2024?

A15. The forum took place over three days, from May 20 to 22, 2024. This extended period allowed for comprehensive discussions and networking among participants.

Q16. How many speakers participated in the dialogue sessions?

A16. There were 300 speakers, including ministers, aviation authority officials, and leaders from Saudi and international companies. Their expertise enriched the discussions on the future of aviation.

Q17. What is the expected number of new jobs from the general aviation roadmap?

A17. The roadmap is expected to create 35,000 new jobs, contributing to employment and economic growth. This initiative is part of efforts to expand the aviation sector’s capacity and services.

Q18. What aircraft models did Saudia agree to purchase from Airbus?

A18. Saudia will purchase 105 aircraft of the A320-Neo and A321-Neo models. These modern, fuel-efficient aircraft will support the airline’s expansion and enhance its competitiveness globally.

Q19. How many lounges will be allocated in commercial airports for general aviation?

A19. Nine lounges will be allocated in commercial airports to support general aviation. This is part of the roadmap to develop business aviation and private aircraft services in the Kingdom.

Q20. What was the significance of the aviation sector report launched at the forum?

A20. The report provided key data on the sector’s economic contribution and job creation, underscoring its importance to the national economy. It serves as a benchmark for future growth and investment.

---