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Saudi Arabia Targeting 330 Million Airline Passengers a Year by 2030, Says GACA Chief

Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA
Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA
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Saudi Arabia Targeting 330 Million Airline Passengers a Year by 2030, Says GACA Chief

Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA
Conference held Monday to discuss the recently launched National Strategy for Transport and Logistics - SPA

Saudi Arabia plans to increase the number of international aviation routes from 99 to over 250 and more than triple total annual passenger traffic from 109 million in 2019 to 330 million by 2030, said Abdulaziz Al-Duauilj, the head of the aviation authority (GACA).

Speaking during a press conference on Monday to discuss the recently launched National Strategy for Transport and Logistics, Al-Duauilj said annual capacity at Riyadh’s King Khalid International Airport and Jeddah’s King Abdulaziz International Airport would each expand to 100 million passengers.

He also said the kingdom was aiming to become a global air freight logistics hub, handling 4.5 million tons of air cargo a year, up from 900,000 in 2019.

Speaking at the same event, Saudi Minister of Transport and Logistic Services Saleh bin Nasser al-Jasser affirmed the kingdom's plans to invest over 500 billion riyals ($133.34 billion) in airports, sea ports, rail and other infrastructure by the end of the decade in a bid to make Saudi Arabia a global transportation and logistics hub.

He also said that the strategy includes many mega projects, with over 500 billion riyals earmarked for investment.

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How Will Gulf Stock Markets Perform this Summer?

Saudi Stock Market (Tadawul) (AFP)
Saudi Stock Market (Tadawul) (AFP)
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How Will Gulf Stock Markets Perform this Summer?

Saudi Stock Market (Tadawul) (AFP)
Saudi Stock Market (Tadawul) (AFP)

Financial analysts and market experts predict a downturn for Gulf stock markets this summer. They foresee lower stock values, reduced trading volumes, sectoral stagnation, delayed investment decisions, and a focus on holding strong positions in high-performing large-cap stocks.

This trend is driven by the majority of traders taking their annual vacations during this period. Typically, sectors like travel, tourism, aviation, and hospitality see seasonal growth in summer.

From the start of 2024 to mid-year, Gulf markets have shown mixed results. Muscat Securities Market rose by 3.8%, Bahrain Bourse by 3.5%, and Kuwait Stock Exchange by 1.33%. However, Qatar Stock Exchange dropped by 8.02%, Abu Dhabi Securities Exchange by 5.4%, Saudi Arabia’s main index by 1.99%, and Dubai Financial Market slightly by 0.7%.

Tareq Al-Ateeq, a financial analyst, told Asharq Al-Awsat that investor behavior across Gulf markets tends to align during summer due to holiday seasons and high temperatures, leading to lower liquidity and fluctuating market indices.

Investors are delaying decisions until summer ends, focusing on robust positions in large-cap and defensive stocks, which is expected to dampen market liquidity and activity in July and August 2024.

Certain sectors like travel, tourism, aviation, and hospitality are anticipated to see increased trading during the summer. Some investors aim to capitalize on market downturns by adjusting their sector allocations.

In 2023, markets like Dubai saw a 6% monthly increase, with Saudi Arabia's market index rising by 4%. Oman also experienced a 3.1% increase, while Qatar and Bahrain markets declined by 0.8% and 0.3% respectively.

Key sectors such as consumer goods, utilities, tourism, hospitality, and energy are showing increased trading activity and interest during the summer season.