عربي English Türkçe اردو فارسى
Logo
Latest News
Business

GACA Vice President: New Saudi Air Carrier to Be Launched Soon

Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)
Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)
TT
TT

GACA Vice President: New Saudi Air Carrier to Be Launched Soon

Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)
Executive Vice President for Economic Policies and Logistics Services at GACA Awad Al-Sulami. (Photo: Turki Al-Agili)

Saudi Arabia is preparing to announce a new national air carrier in 2024 in line with the country’s goal to reach 250 global destinations by 2030.

In remarks to Asharq Al-Awsat on the sidelines of the Future Aviation Forum, Executive Vice President for Economic Policies and Logistics Services at the General Authority of Civil Aviation (GACA) Awad Al-Sulami confirmed that the modern national carrier will be announced this year, noting that studies were underway to determine the needs of the sector for additional airlines.

Held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz, GACA is hosting the third edition of the Future Aviation Forum (FAF 2024) at the King Abdulaziz International Conference Center in Riyadh from May 20 - 22.

The event focuses on “Elevating Global Connectivity” and strives to boost aviation collaboration via global partnerships, fostering innovation, sustainable air travel, and cultural exchange.

Asked about the current increase in domestic ticket prices, Al-Sulami pointed to the implementation of economic regulations for competition and transparency in the market. This will mainly reflect on supply and demand, he underlined, adding that the introduction of new carriers will lead to competitive prices.

Executive Vice President for Aviation Safety and Environmental Sustainability at GACA Capt. Suleiman Al-Muhaimedi told Asharq Al-Awsat that Saudi Arabia has achieved record indicators in safety rates over the past 15 years.

The Kingdom is one of the signatories of the Convention on International Civil Aviation (also known as Chicago Convention), which defines international rules and recommendations regarding sector standards, he added.

GACA Executive Vice President of Quality and Customer Experience Eng. Abdulaziz Al-Dahmash pointed to a major challenge in the aviation industry, which he said was growing at a rapid pace.

He stated that the target number of travelers during the year 2030 represents three times the current figures, explaining that the Authority has developed programs to measure the traveler’s experience and ensure its flexibility and smoothness.

Most Viewed

 
 
Business

Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
TT
TT

Foreign Investments in Saudi Arabia Triple, with Over 1,200 Benefiting from Premium Residency

The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)
The 28th Global Investment Conference kicked off in Riyadh on Monday. (SPA)

Saudi Arabia has tripled its foreign investment inflows and increased the number of investors tenfold since the launch of Vision 2030. More than 1,200 international investors have also obtained premium residency in the Kingdom.

These figures were revealed by Minister of Investment Khalid Al-Falih during the 28th Global Investment Conference, held in Riyadh on Monday under the patronage of Prince Mohammed bin Salman bin Abdulaziz, Crown Prince and Prime Minister.

Al-Falih emphasized that premium residency is a key enabler for attracting foreign investment, as it simplifies procedures for investors and enhances their ability to seize the opportunities available in Saudi Arabia, solidifying the Kingdom’s position as a global investment hub. Residency holders, he noted, are treated as if they were in their home countries.

Since the introduction of Vision 2030, investment inflows have tripled, and the GDP has grown by 70%, reaching $1.1 trillion—half of which comes from non-oil sectors, he continued.

Al-Falih also stressed the immense opportunities in areas such as digital infrastructure and research-driven economic growth. He identified sustainability and circular carbon economy projects as key focus areas for future investment.

He acknowledged the geopolitical risks and labor shortages that pose challenges to investment. However, he projected that the Global South is poised to attract half of global financial flows by 2025.

The minister went on to say that hosting the Global Investment Conference in Riyadh provides Saudi Arabia with a platform to present its strategic vision to international partners and highlight its status as a trusted partner in sustainable economic growth.

Nivruti Rai, Managing Director and CEO of Invest India and President of the World Association of Investment Promotion Agencies (WAIPA), underscored the importance of international collaboration in achieving sustainable growth and digital transformation. She lauded Vision 2030 as a model for economic and social progress, underlining the role of technology, education, and tourism in driving development.

The world has consumed nearly 2.5 trillion metric tons of greenhouse gas emissions, leaving only 500–700 billion metric tons for sustainable use, she noted, while underscoring the need for countries like Saudi Arabia and India to lead innovation in renewable energy sources such as solar, wind and green hydrogen.

Saudi Arabia’s commitment to innovation in energy and water was also commended, with Rai describing mega projects like NEOM as a “dream come true” and a leading example of integrating technology and sustainability to improve quality of life.

During a panel discussion, Saudi Minister of Economy and Planning Faisal Al-Ibrahim revealed that investment and fixed capital now constitute 25% of the GDP. He noted that Vision 2030 has unlocked vast opportunities in previously untapped sectors, including mining, tourism, culture, and entertainment, significantly contributing to the Kingdom’s non-oil growth.

Al-Ibrahim stressed the importance of adopting advanced technologies in renewable energy, green hydrogen, defense, education, and healthcare.

He stressed Saudi Arabia’s role as a central platform for accessing new markets and boosting global economic stability through continuous innovation.

Egyptian Minister of Investment and Foreign Trade Hassan Al-Khatib highlighted the importance of Saudi-Egyptian cooperation and sound policy adoption to attract investments in promising sectors.

Saudi investments in Egypt would significantly contribute to fostering a favorable investment climate, he said.

Greek Deputy Minister of Foreign Affairs Kostas Fragogiannis discussed Greece’s focus on attracting investments in gas, including talks with Saudi Arabia and other nations, to access European markets.

The Invest in Saudi Arabia platform organized the three-day Global Investment Conference from November 25 to 27 in collaboration with WAIPA. This major event brings together global leaders, investors, and stakeholders to explore opportunities in sustainable growth and digital transformation, aiming to diversify and enhance global investment strategies.