IATA to Asharq Al-Awsat: We Will Open Regional Headquarters in Riyadh Soon

People attend the Future Aviation Forum in the Saudi capital Riyadh on May 20, 2024. (AFP)
People attend the Future Aviation Forum in the Saudi capital Riyadh on May 20, 2024. (AFP)
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IATA to Asharq Al-Awsat: We Will Open Regional Headquarters in Riyadh Soon

People attend the Future Aviation Forum in the Saudi capital Riyadh on May 20, 2024. (AFP)
People attend the Future Aviation Forum in the Saudi capital Riyadh on May 20, 2024. (AFP)

Kamil Al-Awadhi, Vice President of Africa and Middle East at International Air Transport Association (IATA), revealed that the association intends to open a regional headquarters in Riyadh to keep pace with the Kingdom’s “exceptional” transformation in the aviation sector.

The International Air Transport Association (IATA) was founded in 1945 and is headquartered in Canada. The association aims to represent the aviation industry, develop commercial standards, and assist airlines by simplifying operations and increasing passenger comfort, while reducing costs and improving efficiency.

Speaking to Asharq Al-Awsat on the sidelines of the Future Aviation Forum 2024, Al-Awadhi said IATA expects air traffic and the number of passengers in the Middle East region to increase this year by around 4 to 6 percent, compared to 2023.

Previous data issued by IATA revealed that airlines in the Middle East achieved the strongest performance in January 2024 by 29.5 percent - with an increase of 25.9 percent year-on-year in freight volumes, as a result of growth in the Middle East and Asian markets - and Middle East and Europe by 46 percent.

Al-Awadhi pointed to challenges facing the aviation sector in the Middle East, which include geopolitical developments, underlining the importance of cooperation among the civil aviation authorities in Gulf countries to guarantee the safety of passengers and aircraft and avoid the cancellation of flights.

The Future Aviation Forum is being held in Riyadh under the patronage of Custodian of the Two Holy Mosques King Salman bin Abdulaziz and concludes on Thursday.

Organized by the General Authority of Civil Aviation (GACA), the event is attended by more than 30 ministers, 77 presidents of civil aviation authorities and heads of airlines from around the world, as well as 5,000 aviation industry experts and stakeholders from more than 120 countries.



Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
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Saudi Giga-project Diriyah Agrees Deals Worth $1 bln with European Firms, Says CEO

Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo
Jerry Inzerillo, Group CEO of the Diriyah Gate Authority reacts during the World Economic Forum (WEF) in Riyadh, Saudi Arabia, April 28, 2024. REUTERS/Hamad I Mohammed/File Photo

Diriyah, one of Saudi Arabia's giga-projects, has agreed deals worth nearly $1 billion with European firms and is in talks to attract more foreign capital, its CEO said.

Diriyah, located at a UNESCO World Heritage site outside the capital Riyadh, has been backed by PIF investments worth a total of around 20 billion riyals ($5.33 billion) in 2023 and 2024, and should get 12 billion riyals more next year, its CEO said.

It has recently agreed deals worth nearly $1 billion in total with an Italian developer and a French company and is in talks with several foreign investors looking to buy equity stakes in hotels and other real estate developments, Jerry Inzerillo told Reuters in New York this week.

"There's a lot of interest from America, a lot of interest from every country," he said. "We'll work with any country that can deliver quality and stay on time."

Foreign investors have already bought stakes in several projects in Diriyah, said Inzerillo, with more to come.

"A lot of people can see that it's built, it's doable; it's no longer renderings, no longer 'you wait and see' ... So now we're seeing a big spike in interest in foreign investment".

Inzerillo said investment priorities have changed because of upcoming events such as the Expo 2030 world fair, which Riyadh last year won the right to host. But the pace and scope of the Saudi giga-projects have not been scaled back, he said.

"It's a realignment, a re-prioritization ... not a reduction," he added.