Saudi Arabia invests $100 billion to modernize airports and airlines, aiming to become a leading logistics hub by 2030. This aligns with Vision 2030 and positions the Kingdom as a global aviation player.
Saudi Arabia is launching a big $100 billion investment plan to develop and expand its aviation industry. Unveiled during the Third Future Aviation Forum (FAF), this ambitious plan is a great fit with the Kingdom’s Vision 2030 ambition to establish itself as a premier center for logistics.
The development of the nation’s airports will get more than half of the investment, or more than $50 billion, with the goal of improving capacity and infrastructure. Airlines are anticipated to make a substantial contribution as well, ordering new planes for about $40 billion. The residual $10 billion will be allocated to a variety of aviation initiatives, including as the creation of specific logistics zones at key Riyadh, Jeddah, and Dammam airports.
Vision 2030, which emphasizes increased global connectedness and economic diversity, is making significant progress with this investment drive. By 2030, both passenger and freight traffic are expected to increase significantly, according to the national aviation policy.
The FAF, with the theme “Elevating Global Connectivity,” is expected to be a historic occasion. The event, which is being sponsored by King Salman, will bring together more than 5,000 aviation specialists, business executives, and government representatives from more than 100 nations. Important subjects like safety, digitization, sustainable fuels, enhanced air transportation, and promoting innovation in aviation will be the focus of discussions.
Saudi Arabia is a popular destination for investors due to its advantageous location and dedication to become a global aviation center. The FAF provides a forum for investors to investigate prospects and take part in creating a transparent and competitive investment climate in the aviation industry of the Kingdom, with the goal of drawing in $3.3 trillion by 2030. This contains possible public-private alliances for different cities’ airports.
With this large investment and emphasis on innovation, Saudi Arabia is positioned to take the lead in the world’s aviation industry.