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RIYADH: Saudi Arabia is set to stay abreast of the latest developments in sustainability and innovation through a new agreement signed by the General Authority of Civil Aviation.
The memorandum of understanding, inked with the Kingdom’s Ministry of Investment and Brazilian multinational aerospace corporation Embraer, aims to bolster cooperation in aviation sector investments, as stated in an official release.
This initiative aligns with Saudi Arabia’s ambition to become a leader in the regional aviation sector within the next decade. It also supports the Gulf country’s broader efforts to elevate the aviation sector and achieve its target of attracting 150 million visitors by 2030, up from the initial goal of 100 million.
Under the newly signed deal, the parties will work hand in hand in an attempt to study potential areas for cooperation and investment in the field of aviation.
In addition, the three entities will also work on exploring and identifying the most suitable investment sources and strategies to support the implementation of such commercial projects.
Areas of cooperation between the institutions include exchanging knowledge and experiences in air security and safety and planning future projects in the field of commercial aviation, in addition to sustainable technology.
Moreover, other areas of collaboration include aviation supply chain integration, industry and green fuel.
As the world emerges from the shadows of the COVID-19 pandemic, Saudi Arabia has started reaping the fruit of its efforts to wean its economy off oil by increasing its focus on its travel and tourism sector.
The Kingdom’s aviation sector is witnessing rapid growth, which many analysts say is not just due to significant investments in airlines but is the result of the ongoing socioeconomic transformation process that began with the launch of Vision 2030 in 2016.
One of the several measures taken to boost the sector includes the e-visa service launched in 2019, ensuring easy access to millions of potential tourists eager to explore the art, culture, cuisine, archaeological wonders, and natural beauty of the Arabian Peninsula.
“2023 is becoming a year in which Saudi aviation (industry) has moved beyond recovery (mode) and (entered) into an era of unprecedented milestones and achievements,” Mohammed Al-Khuraisi, executive vice president of strategy and business intelligence at GACA, told Arab News in August.