Saudi GACA Revenues Jump 5%

Saudi GACA Revenues Jump 5%
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Saudi GACA Revenues Jump 5%

Saudi GACA Revenues Jump 5%

Saudi Arabia’s General Authority of Civil Aviation (GACA) revealed that the Kingdom’s aviation sector is undergoing core changes, especially as it expands its network of international airports.

The GACA pointed out to seven domestic airports being turned international, bringing the number of international airports in the Kingdom up to 13. A few years ago, the Kingdom only had three international airports.

This upgrade has contributed to an overall 5 percent increase in revenues.

In light of the growing importance of the airport industry, Saudi Arabia sees the civil aviation sector as a leading economic contributor that directly influences GDP.

According to the GACA, the aviation sector in the Kingdom saw an overall increase in revenues, which included subsidiaries, during 2018. Revenues amounted to more than SR8.8 billion ($2.3 billion), an increase of approximately 5 percent when compared to 2017.

Official data showed that 2018 saw an 8 percent jump in the number of passengers and flight traffic across the Kingdom’s airports.

The number of passengers in 2018 exceeded 99.86 million, while the number of flights at Saudi airports reached 771,800, an increase of 4.1 percent compared to 2017.

The GACA aims to develop and improve services provided to passengers at the Kingdom's airports.

In a comprehensive report, the GACA showed that the satisfaction rate of passengers with the quality of services provided at airports in 2018 was at 70 percent.

The number of applicants surveyed by the report reached more than 8 million passengers.



Saudi Arabia and Italy Boast Trade Volume of Around $10.9 Billion

Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)
Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)
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Saudi Arabia and Italy Boast Trade Volume of Around $10.9 Billion

Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)
Saudi and Italian officials meet during Meloni's visit to the Kingdom on Sunday. (SPA)

Economic affairs were the key focus of Italian Prime Minister Giorgia Meloni’s visit to Saudi Arabia, which began on Saturday and continues until Monday. During her first official trip to the Kingdom, Meloni aims to strengthen bilateral relations and boost trade ties before heading to Bahrain.

As members of the G20, Saudi Arabia and Italy share mutual economic interests. The establishment of the Saudi-Italian Joint Committee has played a pivotal role in advancing economic, trade, and investment relations between the two countries. It has also created effective governance frameworks to foster collaboration and elevate their relationship to the level of a strategic partnership.

Strategic partnerships

Saudi Arabia is Italy’s second-largest trading partner in the region. In 2023, the trade volume between the two countries reached around $10.8 billion. Saudi imports from Italy were valued at $5.875 billion, while exports to Italy amounted to $4.921 billion, including $737 million in non-oil exports. Globally, Italy ranks as the 10th largest exporter to the Kingdom.

Both nations are working to strengthen economic and investment ties by regularly convening the Saudi-Italian Joint Business Council, increasing official and trade delegation visits, encouraging joint ventures, and organizing trade and investment events.

Currently, more than 150 Italian companies operate in Saudi Arabia, with Italy’s foreign direct investment (FDI) stock in the Kingdom exceeding $4.6 billion.

Renewable energy cooperation

Saudi Arabia and Italy are collaborating in the renewable energy sector as the Kingdom focuses on its transition to carbon neutrality. Italy, with its extensive experience in renewable energy technologies, is seeking to establish a long-term partnership with the Kingdom, a potential future leader in green hydrogen production.

In September 2023, the Saudi-Italian Investment Forum, hosted in Milan by Saudi Arabia’s Ministry of Investment in partnership with Italy’s Ministry of Enterprises and Made in Italy, resulted in the signing of 21 agreements and memorandums of understanding. They covered sectors such as traditional and clean energy, healthcare, real estate, waste management, and more.

According to the Italian government, Italy views Saudi Arabia as a key partner, especially regarding investment opportunities tied to the Kingdom’s Vision 2030. The transformative reform plan aims to diversify the Saudi economy, shifting its reliance from oil to a service-based model. It emphasizes tourism, startups, and small- and medium-sized enterprises (SMEs) in high-value-added sectors.

Saudi Arabia ranks sixth globally in terms of the number of visas issued by Italy, underscoring Italy’s position as a leading destination for Saudi tourists.

Italy is also among the top 20 countries investing in Saudi Arabia, with over 150 Italian companies holding foreign investment licenses in the Kingdom. The Saudi-Italian Investment Forum in 2023 further solidified economic ties, with the signing of 21 agreements spanning a wide range of sectors.