Saudi Injects Another USD 100M To Develop Aviation Infrastructure
Date
12/5/2023 6:19:48 AM
(MENAFN- Bangladesh Monitor)
Dhaka: Saudi Arabia announced its plan to invest USD 100 million in developing its Aviation infrastructure. As per reports, the Kingdom is in efforts to diversify its revenue stream by gradually shifting to other sectors but oil and tourism features heavily as part of its plan.
Saudi Arabia intends to inject the USD 100 million into its aviation sector, following a larger plan to develop world-class hubs across the kingdom and attract hundreds of millions of passengers by 2030.
At the 15th International conference on Air Services Negotiations organised by ICAO in Riyadh on December 3, Abdulaziz Al-Duailej, President, Saudi Arabia's General Authority of Civil Aviation, said,“We aim at developing and upgrading all aviation sectors, including Saudi airlines, logistics services, cargo services, and other support services ... We are building an integrated airline network with Riyadh and Jeddah as strategic and central hubs."
Developing an attractive tourism sector is a major part of Saudi's plan that aims it will account for 10 per cent of the kingdom's GDP by 2023.
According to reports, Saudi Arabia is also planning to open its domestic aviation industry to more competition with an overhaul of the aviation sector, which by 2030, could see up to USD 100 billion in investments.
The larger strategy also includes privatizing the ground-handling operations and incentivising airports to improve their quality standards. Streamlining of licensing processes for cargo and ground-handling services will also be done.
Al-Duailej further said,“The regulations create an open, dynamic and competitive market, setting a level playing field for global operators and investors in the Kingdom.”
Saudi Arabia is also aiming to have over 250 destinations by 2030. It has developed the Air Connectivity Programme, under which it will incentivise airlines to add several new routes and destinations to grow its passenger base.
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