Travel, Tourism & Hospitality
Saudi aviation industry adds $20.8bn to country's GDP, says report
The Saudi aviation contributes $20.8 billion through industry-related activities, enabling an estimated $32.2 billion in tourism economic activity, said a report, adding the sector supports 241,000 jobs and an estimated 717,000 jobs in tourism industry.
The Saudi aviation contributes $20.8 billion through industry-related activities, enabling a further estimated $32.2 billion in tourism economic activity, according to a report by Saudi Arabia’s General Authority of Civil Aviation (GACA).
The sector supports 241,000 jobs with a further estimated impact of $32.2 billion generated in tourism activity, stated GACA in its inaugural State of Aviation Report developed in line with its strategic regulatory mandate.
GACA will be officially unveiling the inaugural 2024 State of Aviation report at the Future Aviation Forum, which opens this week, detailing the contribution of the aviation sector to Saudi Arabia’s economic development and Vision 2030 transformation programme.
Hosted by GACA under the patronage of Saudi King Salman, the Future Aviation Forum will kick off in capital Riyadh on May 20 featuring more than 5,000 aviation experts and leaders from over 100 countries to shape the future of aviation, including executives from international carriers, all major global manufacturers, airport executives, industry leaders and regulators.
The GACA report also captures the transformation of Saudi aviation, with the kingdom outperforming global aviation sector growth rates in 2023 – achieving 123% of international pre-pandemic seat capacity compared with a global and regional average recovery rate of 90% and 95% respectively, with 2023 growth amounting to 26% as total passenger volumes reached 111.7 million.
Minister of Transport and Logistics Services and Chairman of GACA Saleh Al Jasser, said Saudi Arabia was providing unprecedented opportunities for the global aviation sector, achieving major leaps in global rankings in support of Vision 2030 and in line with the National Strategy for Transport and Logistics services.
The GACA report, he stated, details the economic contribution of the aviation sector across Saudi Arabia, and provides a snapshot of economic contributions and job figures across the airline, airport, cargo and logistics and sectors.
GACA President Abdulaziz Al Duailej pointed out that the report highlights that Saudi Arabia was building a more resilient, connected and high-performing aviation sector - spanning its airlines, airports, cargo and logistics, and human capability and training systems.
"GACA has developed this report to fulfill its role as a strategic aviation regulator, measuring and recording the progress of the sector in line with the targets of the Saudi Aviation Strategy," noted Al Duailej.
"The report also informs GACA’s ongoing regulatory work, and the impacts of new regulations in creating greater competition, value and choice in Saudi Aviation," he added.-TradeArabia News Service