Saudi aviation and travel industry funding ceiling to exceed $ 37 billion

Saudi aviation and travel industry funding ceiling to exceed $ 37 billion

Minister of Economy and Planning: A promising future in this sector will increase investment opportunities, sustainability and energy efficiency

Wednesday – 10 Shawwal 1443 AH – 11 May 2022 AD Case no. [

Faisal Al-Ibrahim during his participation in the activities of the Conference on the Future of Civil Aviation yesterday (Asharq Al-Awsat)

Riyadh: Feth Al-Rahman Yusuf

At a time when he stressed that Saudi Arabia has 4 reasons to confirm that it has a promising future based on the strategy of economic diversification and employment improved by energy sustainability and efficiency, Faisal Al-Ibrahim, Saudi Minister of Economy and Planning . revealed a trend to raise the funding ceiling by more than 140 billion riyals ($ 37 billion) to support the travel, tourism and aviation sectors, explaining that his country has begun implementing digital application and e-government and attracting talents to meet the challenges facing the world aviation sector.
During the activities of the forthcoming Civil Aviation Conference, which is currently being held in Riyadh, Al-Ibrahim indicated that the airports in the Kingdom, through the “Vision of the Kingdom 2030”, will offer many employment opportunities, which will increase national investments for him. achieve development goals. .
after the pandemic
Ibrahim noted that after the pandemic, the Saudi economy began a rapid transition towards the revitalization of the aviation sector and its industry, as it laid the foundation for investment in this area, emphasizing the need for countries around the world to focus on the aviation sector and industry. because of its impact on boosting economic growth, calling on decision-makers in countries around the world to focus on sustainability plans.
In a session entitled “The Role of Aviation as an Engine of Economic Development”, during the second day of the forthcoming Civil Aviation Conference, the Saudi Minister of Economy and Planning showed the new trends for the sector, including determining the size of opportunities in Kingdom and the steps being taken and opportunities to fund innovation with the Kingdom ready as an environmentally sustainable hub with the launch of airport companies and the creation of airport economic zones.
He added that the aviation sector in Saudi Arabia has a great ability to achieve the objectives of “Vision 2030”, showing that the Kingdom is ready to invest and develop to recover from the “Corona” pandemic, in addition to the work of its for proper placement. global policies and procedures in line with the new economy.
He added that the Kingdom has a fertile field for investment in the civil aviation sector, as it has been prepared for this for several reasons, including digital transformation, benefiting from experience and expertise related to the performance of the travel and passenger business, as the pandemic of parapriu. procedures to facilitate related operations, which exhausted more than $ 7 billion and are currently becoming investment opportunities.
sustainability and energy
Al-Ibrahim noted that his country focuses on the issue of sustainability, the use of high-efficiency energy and sustainable fuel in aviation, stressing that the Kingdom is committed to achieving the objectives set in this regard, as the world is is changing at a rapid pace, especially since the Corona pandemic was the cause of efforts to accelerate transformation over the past two years.
Al-Ibrahim acknowledged that development took a lot of effort in the system of legislative policy and economy, noting that in the wake of the Corona pandemic, a greater appetite for investment was raised, adding: “The Kingdom has decided all the reasons. to prepare to achieve this, as it is currently enjoying flexibility and recovery and is in line with the new economy. ”
artificial intelligence
For his part, Luis Filipe de Oliveira, Director General of the International Council of International Airports, noted at yesterday’s session of the Aviation Future Conference sessions, developments witnessed by the Kingdom in various aspects, including civil aviation sector. , noting the development of infrastructure in the world’s airports and the majority of parties working within it, which according to him requires a high coordination in the work of the system, which was paralyzed due to the consequences of the “Corona” pandemic, which reached the point of total closure, as he said.
In a session on modern scientific methods, Oliveira accepted the procedures for entering airports and completing routine travel procedures through the use of artificial intelligence techniques without the need for many paper transactions, and related security verification procedures through the techniques of biometric identification and other technologies. showing that the world is currently experiencing a relative recovery in the aviation and airports sectors, which requires preparation, at a time when he drew attention to fuel efficiency in the aviation industry and work to reduce environmentally harmful emissions.
development engine
Experts in a panel discussion on the role of aviation as an engine of economic development and talking about the speed with which it can move, stressed that the aviation sector is one of the most global industries that connects cultures, industry and people, that can play a key role in supporting world development, showing that the sector is watching. It is recognized as a major contributor to the global economy and infrastructure, providing more than just the necessary global transportation network.
The session was attended by Marcus Apostolides, Executive Director of Middle East Operations and Jacobs Transport and Logistics in the UAE, Peter Davies, Chief Executive Officer of the Airline Management Group, UK, and Roman Ecotto, Chief Aviation Officer Officers from the African Development Bank in Senegal and Sami Patel, Vice President for Commercial Affairs and CEO of American Vantech Airports Group, stressed the need to generate economic growth, create jobs and increase facilities.
Arrangements on conference margins
The Saudi Aerospace Engineering and Industry Company (SAEI) and the Saudi Investment Recycling Company (SIRC) signed during the Aviation Future Conference, currently held in Riyadh, a joint cooperation agreement to set a work development agenda. maintenance, repair and operation, and increase the level of environmental sustainability and supervision, as both companies seek under this agreement to explore new ways to ensure the sustainability of maintenance, repair and operation operations to the highest standards.

Saudi Arabia

Saudi economy

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