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Saudi Arabia Concludes Participation in 'Wings India 2024' Conference and Exhibition

The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)
The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)
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Saudi Arabia Concludes Participation in 'Wings India 2024' Conference and Exhibition

The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)
The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia. (SPA)

Saudi Arabia, represented by the General Authority of Civil Aviation, successfully concluded on Sunday its participation in the Wings India 2024 exhibition conference.

The event was organized by the Indian Ministry of Civil Aviation in cooperation with the Federation of Indian Chambers of Commerce and Industry (FICCI). Leaders and heads of global civil aviation organizations and bodies attended the event that was held from January 18 to 21 at Begumpet Airport, Hyderabad.

During Saudi Arabia's participation, a delegation led by the President of the General Authority of Civil Aviation (GACA), Abdulaziz Al-Duailej, highlighted the vital role of the civil aviation sector in the Kingdom's national economy.

He also emphasized the promising investment opportunities offered by this sector, aligning with the Saudi Aviation Strategy's objectives. Under this strategy, the General Authority of Civil Aviation (GACA) aims to position Saudi Arabia as a leading player in civil aviation in the Middle East. Their goals include doubling passenger capacity to 330 million annually, serving more than 250 destinations worldwide, and increasing cargo capacity to 5.4 million tons.

On the sidelines of the conference, Al-Duailej participated in a ministerial session with leaders of civil aviation from around the world. The session focused on reviewing the national aviation strategy's role in supporting economic development in Saudi Arabia.

It also discussed the various opportunities for global investors based on the objectives of Saudi Vision 2030. The aim is for Saudi Arabia to become a regional aviation hub and a global logistics platform connecting three continents.

The Saudi Aviation Strategy aims to emphasize the Kingdom's pioneering role in the in the field of civil aviation in the Middle East region. It aims to attract $100 billion in investments and create a world-class travel experience for more than 330 million passengers annually by 2030. It intends to target only 10% of these 330 million passengers as transit passengers, underscoring our focus on sustainable and integrated growth.

The Wings India 2024 conference and exhibition also facilitated bilateral and one on one meetings to enhance cooperation. Al-Duailej met with the Minister of Civil Aviation and Steel of the Republic of India, Jyotiraditya Scindia, to discuss topics of mutual interest.

Additionally, he met with Minister of Infrastructure of Sweden Johan Davidsson and discussed cooperation in the field of civil aviation.

Another significant meeting took place with the Minister of Civil Aviation of Cambodia Mao Havanal to explore opportunities for direct operations between the two countries in line with the Saudi Civil Aviation Strategy. The meeting culminated in the signing of a record of consultations between Saudi Arabia and Cambodia.

As part of the activities at Wings India 2024 conference and exhibition, Eng. Imtiaz Muhammad Manzari, the Director General of General Aviation, participated in a dialogue session on "The Helicopter Industry." He highlighted the potential and prospects of helicopters and stressed the importance of developing new and diverse modes of efficient transportation.

Manzari also emphasized the need for modern technologies and infrastructure, including approved airstrips and maintenance centers, to support the safe operation of modern helicopters.

GACA's participation aimed to strengthen relationships with major international airlines and stakeholders in the aviation industry, foster an investor-friendly environment, promote the development of new routes, and introduce promising opportunities in the Saudi aviation sector.

Discussions during the event covered the latest trends, innovations, and solutions in the aviation industry, with a particular focus on air mobility, sustainability, and advanced technologies.

The Wings India 2024 conference and exhibition showcased advanced air transport solutions and their potential to transform civil aviation and open new markets for air travel in the coming decades.

The event attracted over 5,000 participants, including civil aviation authorities from multiple countries, airlines, and companies related to the civil aviation sector.

The exhibition attracted around 100,000 visitors and is recognized as one of the most significant aviation exhibitions and conferences in Asia.

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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
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IMF: Middle East Conflict Escalation Could Have Significant Economic Consequences

Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki
Displaced families, mainly from Syria, gather at Beirut's central Martyrs' Square, where they spent the night fleeing the overnight Israeli strikes in Beirut, Lebanon September 28, 2024. REUTERS/Louisa Gouliamaki

The International Monetary Fund said on Thursday that an escalation of the conflict in the Middle East could have significant economic ramifications for the region and the global economy, but commodity prices remain below the highs of the past year.

IMF spokesperson Julie Kozack told a regular news briefing that the Fund is closely monitoring the situation in southern Lebanon with "grave concern" and offered condolences for the loss of life.

"The potential for further escalation of the conflict heightens risks and uncertainty and could have significant economic ramifications for the region and beyond," Kozack said.

According to Reuters, she said it was too early to predict specific impacts on the global economy, but noted that economies in the region have already suffered greatly, especially in Gaza, where the civilian population "faces dire socioeconomic conditions, a humanitarian crisis and insufficient aid deliveries.

The IMF estimates that Gaza's GDP declined 86% in the first half of 2024, Kozack said, while the West Bank's first-half GDP likely declined 25%, with prospects of a further deterioration.

Israel's GDP contracted by about 20% in the fourth quarter of 2023 after the conflict began, and the country has seen only a partial recovery in the first half of 2024, she added.
The IMF will update its economic projections for all countries and the global economy later in October when the global lender and World Bank hold their fall meetings in Washington.
"In Lebanon, the recent intensification of the conflict is exacerbating the country's already fragile macroeconomic and social situation," Kozack said, referring to Israel's airstrikes on Hezbollah in Lebanon.
"The conflict has inflicted a heavy human toll on the country, and it has damaged physical infrastructure."
The main channels for the conflict to impact the global economy have been through higher commodity prices, including oil and grains, as well as increased shipping costs, as vessels avoid potential missile attacks by Yemen's Houthis on vessels in the Red Sea, Kozack said. But commodity prices are currently lower than their peaks in the past year.
"I just emphasize once again that we're closely monitoring the situation, and this is a situation of great concern and very high uncertainty," she added.
Lebanon in 2022 reached a staff-level agreement with the IMF on a potential loan program, but there has been insufficient progress on required reforms, Kozack said.
"We are prepared to engage with Lebanon on a possible financing program when the situation is appropriate to do so, but it would necessitate that the actions can be taken and decisive policy measures can be taken," Kozack added. "We are currently supporting Lebanon through capacity development assistance and other areas where possible."