عربي English Türkçe اردو فارسى
Logo
Latest News
Business

Future Aviation Forum 2024 in Riyadh Highlights Global Investment Opportunities

The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)
The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)
TT
TT

Future Aviation Forum 2024 in Riyadh Highlights Global Investment Opportunities

The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)
The president of the International Civil Aviation Organization (ICAO) during their speech at the Future Aviation Forum 2024 in Riyadh (Asharq Al-Awsat)

The third edition of the Future Aviation Forum 2024 has kicked off in Riyadh, welcoming more than 5,000 industry leaders from 120 nations. The event highlights investment opportunities worth over $100 billion in Saudi Arabia’s aviation sector.
Key announcements on the first day included Saudi Arabian Airlines (Saudia) signing its biggest deal ever with Airbus. Saudi Arabia also announced its cooperation with Boeing and Airbus to use locally produced aluminum and titanium in their planes, aiming to boost local manufacturing.
Additionally, plans for a new national airline to be launched later this year were revealed.
Saleh Al-Jasser, Minister of Transport and Logistics Services and Chairman of the General Authority of Civil Aviation (GACA), launched the three-day conference in Riyadh. The event brought together over 30 ministers, 77 civil aviation leaders, airline CEOs, and 5,000 aviation experts from around the world.
Al-Jasser pointed out the significant changes in Saudi Arabia’s aviation sector since the pandemic, with remarkable growth. He stressed the need for collaboration to tackle challenges.
He highlighted key achievements, including Saudi Arabia’s rise to the 13th position globally in air connectivity and a record-breaking 112 million passengers in 2023, a 26% increase from 2022.
Al-Jasser also mentioned the sector’s adoption of new economic regulations for airports and air transportation services.
The minister also shared updates on legislative improvements and expansion plans during a press conference on the forum’s sidelines. These changes cover economic regulations, agency services, and airspace management, all coordinated with relevant authorities.
He mentioned that the updates aim to meet targets set by the National Aviation Sector Strategy, including reaching 300 million passengers and 250 destinations.
Al-Jasser also discussed plans to build and expand airports, including King Salman International Airport in Riyadh, which aims to accommodate 100 million passengers by 2030.
Additionally, he highlighted Saudi Arabia’s sustainability efforts, such as the Saudi Green Initiative and the Middle East Green Initiative, targeting a 2% reduction in carbon footprint annually.
GACA President Abdulaziz bin Abdullah Al-Duailej stated that the first day of the forum witnessed great success, with numerous commercial deals, initiatives, and agreements aimed at enhancing global connectivity.
The agreements announced during the forum are a testament to the confidence in the growth and investment opportunities provided by the civil aviation sector in the Kingdom, reaffirming the Kingdom’s leading position in the global aviation sector.
Saudi Arabian Airlines (Saudia) entered a deal with Airbus to purchase 105 aircraft of the A320-Neo and A321-Neo models to expand and modernize its fleet, enhancing global air connectivity with various countries.
During the forum, the GACA also launched the first edition of the Kingdom's aviation sector report, which highlighted the civil aviation sector’s contribution to the Kingdom’s economy, amounting to $53 billion.
The GACA also issued a roadmap for general aviation, aiming to develop the business aviation and private aircraft sector in the Kingdom, with the goal of increasing its size tenfold by 2030.

Most Viewed

 
 
Business

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
TT
TT

IMF and Arab Monetary Fund Sign MoU to Enhance Cooperation

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA
The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki - SPA

The International Monetary Fund (IMF) and the Arab Monetary Fund (AMF) signed a memorandum of understanding (MoU) on the sidelines of the AlUla Conference on Emerging Market Economies (EME) to enhance cooperation between the two institutions.

The MoU was signed by IMF Managing Director Dr. Kristalina Georgieva and AMF Director General Dr. Fahad Alturki, SPA reported.

The agreement aims to strengthen coordination in economic and financial policy areas, including surveillance and lending activities, data and analytical exchange, capacity building, and the provision of technical assistance, in support of regional financial and economic stability.

Both sides affirmed that the MoU represents an important step toward deepening their strategic partnership and strengthening the regional financial safety net, serving member countries and enhancing their ability to address economic challenges.

Business

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT
TT
TT

Saudi Chambers Federation Announces First Saudi-Kuwaiti Business Council

File photo of the Saudi flag/AAWSAT
File photo of the Saudi flag/AAWSAT

The Federation of Saudi Chambers announced the formation of the first joint Saudi-Kuwaiti Business Council for its inaugural term (1447–1451 AH) and the election of Salman bin Hassan Al-Oqayel as its chairman.

Al-Oqayel said the council’s formation marks a pivotal milestone in economic relations between Saudi Arabia and Kuwait, reflecting a practical approach to enabling the business sectors in both countries to capitalize on promising investment opportunities and strengthen bilateral trade and investment partnerships, SPA reported.

He noted that trade between Saudi Arabia and Kuwait reached approximately SAR9.5 billion by the end of November 2025, including SAR8 billion in Saudi exports and SAR1.5 billion in Kuwaiti imports.

Business

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
TT
TT

Leading Harvard Trade Economist Says Saudi Arabia Holds Key to Success in Fragmented Global Economy

Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).
Professor Pol Antràs speaks during a panel discussion at the AlUla Conference for Emerging Market Economies (Asharq Al-Awsat).

Harvard University economics professor Pol Antràs said Saudi Arabia represents an exceptional model in the shifting global trade landscape, differing fundamentally from traditional emerging-market frameworks. He also stressed that globalization has not ended but has instead re-formed into what he describes as fragmented integration.

Speaking to Asharq Al-Awsat on the sidelines of the AlUla Conference for Emerging Market Economies, Antràs said Saudi Arabia’s Vision-driven structural reforms position the Kingdom to benefit from the ongoing phase of fragmented integration, adding that the country’s strategic focus on logistics transformation and artificial intelligence constitutes a key engine for sustainable growth that extends beyond the volatility of global crises.

Antràs, the Robert G. Ory Professor of Economics at Harvard University, is one of the leading contemporary theorists of international trade. His research, which reshaped understanding of global value chains, focuses on how firms organize cross-border production and how regulation and technological change influence global trade flows and corporate decision-making.

He said conventional classifications of economies often obscure important structural differences, noting that the term emerging markets groups together countries with widely divergent industrial bases. Economies that depend heavily on manufacturing exports rely critically on market access and trade integration and therefore face stronger competitive pressures from Chinese exports that are increasingly shifting toward alternative markets.

Saudi Arabia, by contrast, exports extensively while facing limited direct competition from China in its primary export commodity, a situation that creates a strategic opportunity. The current environment allows the Kingdom to obtain imports from China at lower cost and access a broader range of goods that previously flowed largely toward the United States market.

Addressing how emerging economies should respond to dumping pressures and rising competition, Antràs said countries should minimize protectionist tendencies and instead position themselves as committed participants in the multilateral trading system, allowing foreign producers to access domestic markets while encouraging domestic firms to expand internationally.

He noted that although Chinese dumping presents concerns for countries with manufacturing sectors that compete directly with Chinese production, the risk is lower for Saudi Arabia because it does not maintain a large manufacturing base that overlaps directly with Chinese exports. Lower-cost imports could benefit Saudi consumers, while targeted policy tools such as credit programs, subsidies, and support for firms seeking to redesign and upgrade business models represent more effective responses than broad protectionist measures.

Globalization has not ended

Antràs said globalization continues but through more complex structures, with trade agreements increasingly negotiated through diverse arrangements rather than relying primarily on multilateral negotiations. Trade deals will continue to be concluded, but they are likely to become more complex, with uncertainty remaining a defining feature of the global trading environment.

Interest rates and artificial intelligence

According to Antràs, high global interest rates, combined with the additional risk premiums faced by emerging markets, are constraining investment, particularly in sectors that require export financing, capital expenditure, and continuous quality upgrading.

However, he noted that elevated interest rates partly reflect expectations of stronger long-term growth driven by artificial intelligence and broader technological transformation.

He also said if those growth expectations materialize, productivity gains could enable small and medium-sized enterprises to forecast demand more accurately and identify previously untapped markets, partially offsetting the negative effects of higher borrowing costs.

Employment concerns and the role of government

The Harvard professor warned that labor markets face a dual challenge stemming from intensified Chinese export competition and accelerating job automation driven by artificial intelligence, developments that could lead to significant disruptions, particularly among younger workers. He said governments must adopt proactive strategies requiring substantial fiscal resources to mitigate near-term labor-market shocks.

According to Antràs, productivity growth remains the central condition for success: if new technologies deliver the anticipated productivity gains, governments will gain the fiscal space needed to compensate affected groups and retrain the workforce, achieving a balance between addressing short-term disruptions and investing in long-term strategic gains.