$100 bn Investment Plan for Saudi Arabia’s Aviation Sector

According to the country’s press, Saudi Arabia is all set to reveal a grand investment plan for the country’s aviation sector. The plan, totalling $100 billion , will be unveiled at the third Future Aviation Forum, hosted by the General Authority of Civil Aviation, from May 20 to 24, 2024 in Riyadh.

Though the exact details are yet to be made public, more than $50 billion of the plan is said to be allocated to developing and refurbishing the country’s airports, bringing them up to true international standards. Another $40 billion will be set aside to bring in new aircrafts and planes for the airlines in the country. $10 billion will be given to various smaller aviation projects across the country, including the $5 billion  named for the logistics zones for the airports in Riyadh, Jeddah, and Dammam.

The investment project has been created in alignment with the Vision 2030 plan by Saudi Arabia which aims to make the country the leading logistics hub in the Middle East. To fulfil the same aim, the country plans to attract around $3.3 trillion worth of investments by 2030, connect Saudi with over 250 destinations around the world, and increase its passenger traffic and cargo shipments by a significant jump. The forum, according to Khalid Al-Falih, Minister of Investment of the Kingdom of Saudi Arabia, will outline Saudi’s plan of attracting trillions of investments and will place aviation as the key focus area. “Aviation is a key investment sector and enabler of the Kingdom’s broader economic transformation. The aviation investment showcase will provide investors with unparalleled access to participate in the Kingdom’s transformation.”

The upcoming Future Aviation Forum will be carried out on the theme of Elevating Global Connectivity and is scheduled to bring together over 5000 aviation experts, industry leaders, as well as government officials from 100+ countries. The key topics to be raised at the forum, so far, are slated to be advanced air mobility, safety, security, sustainable fuel, digitalisation, AI, and innovation in aviation.