Future Aviation Forum 2024 Soars to New Heights in Riyadh

Investment empowerment offers in the Saudi aviation sector were valued at an impressive $100 billion

The third edition of the Future Aviation Forum (FAF2024) in Riyadh concluded on Wednesday, far exceeding expectations with its extensive participation and substantial deals. Organized by Saudi Arabia’s General Authority of Civil Aviation (GACA), the event witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals totaling over $21 billion. Investment empowerment offers in the Saudi aviation sector were valued at an impressive $100 billion. The forum saw announcements of national air service agreements, aircraft orders, and deals in cargo and logistics, advanced air mobility (AAM), human capability, information technology, and maintenance, repair, and overhaul (MRO). One of the forum's standout moments was the Saudia Group's historic aircraft deal with European aerospace giant Airbus, marking the largest-ever aircraft procurement in Saudi aviation history. This agreement includes the acquisition of 105 aircraft, comprising Airbus A320neo and A321neo models, raising Saudia Group’s Airbus order backlog to 144 A320neo family aircraft. Specifically, Saudia will acquire 54 A321neo aircraft, while the kingdom’s low-cost carrier, flyadeal, will receive 12 A320neo and 39 A321neo aircraft.

Saudia Group's MRO arm, Saudia Technic, announced several strategic partnerships to enhance its maintenance capabilities. This includes an agreement with UiPath to deploy advanced automation and AI software, and collaboration with Saudia Telecom Company to integrate AI and IoT solutions. Additionally, Saudia Technic partnered with Eve Air Mobility to explore MRO activities for electric vertical take-off and landing (eVTOL) aircraft and signed an agreement with NEOM Vertical Mobility Operating Company to support NEOM's vertical mobility system. Saudia Technic also plans to build an MRO facility and shaded parking hangar at King Khalid International Airport and establish a new headquarters for Saudia Cargo at King Abdulaziz International Airport in Jeddah.