SAMA Seeks Public Consultation on Updated Rules for Engaging in Debt-Based Crowdfunding


Riyadh: The Saudi Central Bank (SAMA) said in a press release that it seeks public consultation on the draft of the Updated Rules for Engaging in Debt-Based Crowdfunding. In this context, SAMA invites stakeholders and the public for their suggestions and observations by visiting the “Istitlaa” public consultation platform.

This update aligns with SAMA’s ongoing efforts to regulate debt-based crowdfunding institutions and support the financial-technology (FinTech) sector.

The updated rules allow institutional beneficiaries to secure financing appropriate to their size and activity as well as to enhance disclosure requirements.

Suggestions and observations will be received within 30 days from this announcement to assess their relevance in finalizing the draft. The updated rules are available on the public consultation platform hosted by the National Competitiveness Center at:

https://istitlaa.ncc.gov.sa/ar/Finance/SAMA/DebtbasedCrowdfunding/Pages/default.aspx

Source: Saudi Press Agency

Headed by Minister of Finance, Kingdom’s Delegation Concludes Saudi-Chinese Meetings


Beijing, Headed by the Minister of Finance, Mohammed Aljadaan, the Kingdom’s delegation today concluded its participation in the Saudi-Chinese meetings held May 20-21, 2024, in the Chinese capital, Beijing.

Minister Aljadaan and the Chinese Minister of Finance, Lan Fo’an, co-chaired the third meeting of the Finance Sub-Committee for the High-Level Chinese-Saudi Joint Committee.

During the meeting, Minister Aljadaan stressed that the People’s Republic of China is a major partner in the Kingdom’s economic transformation and noted the enormous potential for innovation and technical cooperation between the Kingdom of Saudi Arabia and China. He said strengthening partnerships in areas such as artificial intelligence, renewable energy, and smart cities pushes economic transformation and can create new avenues for growth and development.

During the meeting, the participants also discussed the macroeconomic situation and related policies and bilateral and multilateral cooperation.

The Vice Minister of Finance
, Abdulmuhsen Alkhalaf, and the Chinese Vice Minister of Finance, Liao Min, co-chaired the Saudi-Chinese Financial and Business Roundtable, hosted by the Chinese Ministry of Finance and organized by the Chinese Investment Corporation.

Vice Minister Alkhalaf stressed the importance of exploring economic and development opportunities between Saudi Arabia and China. He noted that the growing relationship between the two nations is reflected in increased economic and trade cooperation, as the volume of trade between Saudi Arabia and China reached more than $100 billion in 2023.

The Saudi delegation shared a presentation on the Kingdom’s economic development and investment opportunities. The participants also discussed investment and economic cooperation between the two nations in the infrastructure sector.

On the sidelines of the meetings, Minister Aljadaan met with a number of ministers, investors and thought leaders in China to discuss the latest economic and financial developments and topics of common in
terest, in addition to investment opportunities in the Kingdom in light of Saudi Vision 2030.

These meetings sought to establish bilateral cooperation and consolidate the strong relations between the Kingdom of Saudi Arabia and the People’s Republic of China in various fields, to achieve comprehensive economic growth for both nations and for the global economy.

Source: Saudi Press Agency

Saudi EXIM Bank Signs Two Cooperation Agreements with Japan’s SMBC and MUFG Banks


Riyadh: On the sidelines of the Saudi-Japan Vision 2030 Business Forum in Tokyo, Saudi EXIM Bank signed two cooperation agreements with SMBC Business Banking and MUFG Bank, fostering cooperation and creating co-financing opportunities to promote non-oil exports in target markets, according to the Saudi EXIM Bank.

According to the statement, the two agreements were signed separately by Eng. Saad bin Abdulaziz Al-Khalab, CEO of Saudi EXIM Bank, along with Mr. Akihiro Fukudom, CEO of SMBC Bank and Hironori Kamizawa, CEO of MUFG Bank.

Commenting on the partnerships, Eng. Saad Al-Khalab stated: “This collaboration with Japanese entities is part of our joint efforts to strengthen economic relations between both countries and achieve the Saudi-Japan Vision 2030. The acceleration of commercial projects between our nations toward broader horizons comes as a result of the strength, advanced economic status, and promising investment opportunities.”

During the roundtable meeting, which brought together several mini
sters from both sides, Eng. Saad Al-Khalab reviewed Saudi EXIM Bank’s activities with Japanese financial institutions and commercial companies to enhance economic and trade relations and identify projects of mutual interest.

During the financial sector’s roundtable meeting, Al-Khalab emphasized the critical importance of collaborative efforts between all financial institutions and business sectors. This is to ensure the provision of comprehensive, incentivizing credit solutions that can accelerate the pace of trade and mutual and global investment activities.

The Saudi EXIM Bank aims to empower the Kingdom’s non-oil national economy in accordance with Vision 2030. The bank is focused on enabling Saudi non-oil exports to expand and penetrate global markets by bridging financing gaps and reducing export risks.

Source: Saudi Press Agency

FII Institute Announces the Holding of FII PRIORITY Summit in Rio de Janeiro and the 8th Edition in Riyadh


Riyadh: The Future Investment Initiative (FII) Institute announced its inaugural Latin American FII PRIORITY summit in Brazil. Themed ‘Invest in dignity,’ the summit will take place June 11-13, at the Copacabana Palace in Rio de Janeiro. The FII PRIORITY program is an annual series of summits, reports, and initiatives designed to tackle the world’s biggest challenges and concerns.

The summit Rio de Janeiro will explore how investing in renewable energy, artificial intelligence (AI), entrepreneurship, and social impact can put people, respect, and dignity at the heart of policymaking, and make sure that the dignity of all citizens around the world is protected and prioritized should be a goal for all economic policymakers.

‘Our focus will be on responsible decision-making in investment and economic growth. This summit marks a pivotal moment in shaping a sustainable and technologically advanced future for all,’ said FII Institute chief executive and board member Richard Attias.

FII Institute also announce
d the theme for its upcoming eighth annual FII conference (FII8), scheduled for October 29-31 at the prestigious King Abdulaziz International Conference Centre (KAICC) in Riyadh, Saudi Arabia. Under the captivating theme “Infinite horizons: investing today, shaping tomorrow,’ FII8 will ignite discussions on how investment can serve as a catalyst for a prosperous and sustainable future, pushing the boundaries of what is possible for humanity.

Attias emphasized the significance of the theme, stating that ‘Infinite horizons is not just a theme; it’s a clarion call to expand our collective vision and embrace the limitless prospects of the future. It embodies our commitment to driving conversations that lead to a future where investment knows no bounds and works towards a better tomorrow for all.’

FII8, organized by the FII Institute and founded by PIF, will adopt an innovative format as an exclusive week for FII Institute members, invited delegates, and strategic partners. Discussions at the conference will b
e data-driven, ensuring that insights are grounded in facts and actionable strategies.

Source: Saudi Press Agency

SIRC Signs Strategic Agreements, MoUs at Saudi-Japan Vision 2030 Business Forum 2024


Tokyo, The Saudi Investment Recycling Company (SIRC), wholly owned by the Public Investment Fund (PIF), signed a series of agreements and memoranda of understanding (MoUs) during the Saudi-Japan Vision 2030 Business Forum 2024 in Tokyo.

SIRC chief executive Eng. Ziyad bin Mohammed Al-Shiha represented the company. He was accompanied by several executive management members, including technology and innovation division director Eng. Sultan Al-Saif and project finance division director Mona Al-Shehri.

The first agreement was with Mitsubishi Research Institute (MRI) to prepare a detailed study of landfill treatment solutions in the Kingdom of Saudi Arabia. The study will include an assessment of landfills’ technical and economic feasibility and the best solutions for managing them.

The study is expected to reduce methane emissions from landfills in the Kingdom by over 220,000 tons annually, equivalent to a carbon credit of over SAR250 million per year. This step is essential in the Kingdom’s efforts to impr
ove the environment and reduce harmful emissions.

The agreements also included a financial advisory contract with Mitsubishi UFJ Financial Group (MUFG) for the comprehensive waste-management solution project in Riyadh, worth over $6 billion. The project aims to recycle and convert waste into energy, which will contribute to strengthening the city’s environmental infrastructure and achieving sustainability goals.

In the same context, SIRC signed an MoU with Hitachi Zosen Inova (HZI) to develop advanced solutions for converting waste into energy. The cooperation will enhance the Kingdom’s ability to benefit from modern technologies in converting waste into sustainable energy resources.

An MoU was also signed for cooperation in the field of converting waste into sustainable fuel and recycling electronic waste with Marubeni Corporation. The agreement, with estimated investments over $2 billion, reflects SIRC’s commitment to developing innovative and sustainable waste-management solutions, including electron
ic waste, which is a growing environmental challenge.

These ambitious steps confirm the commitment of the Saudi Investment Recycling Company (SIRC) to achieving the goals of the Kingdom’s Vision 2030, which aims to diversify the economy and achieve environmental sustainability. They also reflect the fruitful international cooperation and attraction of foreign investment, which enhances the Kingdom’s position as a regional leader in waste management and the circular economy.

Source: Saudi Press Agency

GACA Organizes 1st Arab Forum for Aviation Security


Riyadh, The General Authority of Civil Aviation (GACA) organized the first Arab Forum for Aviation Security today in cooperation with the Arab Civil Aviation Organization, with the attendance of 120 leaders in the aviation sector and CEOs of aviation companies. The forum is being held in parallel with the Future Aviation Forum, organized by GACA under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, at the King Abdulaziz International Conference Center.

In his speech at the forum, GACA’s Executive Vice-President for Aviation Security, Mohammed Al-Fozan, highlighted the Kingdom’s efforts in enhancing cooperation and effective participation between Arab countries in the field of aviation security. He indicated that the forum will address topics that cover many important aspects related to aviation security.

The forum included three sessions: ‘Aviation Security for Advanced Air Mobility Systems,’ ‘Enhancing Innovation in the Field of Aviation Security,’ and ‘Privatiza
tion of Aviation Security Services.’

Source: Saudi Press Agency

Saudi Central Bank Governor Leads Delegation at Arab Financial Institutions Meeting


Cairo: Saudi Central Bank (SAMA) Governor Ayman bin Mohammed Al-Sayari led the Saudi delegation at the joint annual meetings of Arab financial institutions, which commenced today in Egypt’s New Administrative Capital.

The event is under the patronage of Egyptian President Abdel-Fattah El-Sisi and includes the participation of Arab ministers of finance and economy, governors of Arab central banks, heads of Arab financial institutions, and representatives from international financing organizations.

The opening session was attended by Egyptian Prime Minister Dr. Mostafa Madbouly and Deputy Saudi Ambassador to Egypt Abdulrahman bin Salem Al-Dahas.

“This year’s meetings take place against the backdrop of regional and international developments, especially the war in Gaza and its economic repercussions on all countries, including Arab nations,” Dr. Madbouly said in a speech on behalf of the Egyptian president.

He highlighted the importance of Arab financial institutions in supporting Arab countries to overc
ome current challenges and resume their development plans to meet the aspirations of their people.

During the session, it was announced that the Egyptian project for the Bahr El-Baqar Wastewater Treatment plant won the Abdlatif Al-Hamad Development prize, presented by the Arab Fund for Economic and Social Development (KFAED), for the best development project in the Arab world.

Source: Saudi Press Agency

Western warnings of an economic catastrophe in the West Bank


London – Ma’an – Western officials warned of an “economic catastrophe” in the West Bank if the occupation does not renew “a vital exemption that Israeli banks need in order to maintain their relations with their Palestinian counterparts.”

The British newspaper “Financial Times” reported that this exemption, which expires on July 1, “allows the payment of the costs of vital services and salaries associated with the Palestinian Authority, and facilitates the import of basic materials,” such as food, water, and electricity, into the occupied Palestinian territories.

Without this exemption, Israeli banks will stop dealing with Palestinian financial institutions, and the Palestinian economy will effectively stop over time, according to three Western officials.

The newspaper quoted an American official as saying that not renewing the exemption ‘will not only be at the expense of Palestinian interests, but also at the expense of the security and stability of Israel and the region.’

It also quoted two other Weste
rn officials as saying that Washington is leading the efforts aimed at renewing the exemption, as it ‘appealed to its allies to exert pressure on the Israeli government.’

British officials said the United Kingdom was ‘also concerned’ about this issue, according to the Financial Times.

This issue is expected to be discussed at the G7 finance ministers’ meeting, expected later this week in Italy, according to officials.

The newspaper explained that the Palestinian economy trades with other economies in multiple currencies, including the Jordanian dinar, which is widely used in the West Bank.

The Palestinian economy operates with the Israeli shekel, so Palestinian financial institutions must pass through the Bank of Israel and other Israeli banks in order to access it.

Source: Maan News Agency

Will the strong US dollar start to lose upward momentum?


Will the strong US dollar start to lose upward momentum?

The factors supporting the strong momentum of the US dollar have gradually weakened this year. The US Dollar Index (DXY) fell to 105 points during this week’s trading after failing to breach the 106.5 point level in recent weeks. Despite this, the US dollar remains high since… The beginning of the year increased by more than 3.5%, supported by the US economy remaining strong and the Federal Reserve’s adherence to its strict stance towards interest rates, which increases the attractiveness of the dollar, but there are many challenges facing the performance of the US currency in the coming period.

1. The American economy is no longer overheated

The annual GDP growth rate in the first quarter was only 1.6%, which is the worst quarter since the technical recession in the first half of 2022, which negatively affected the US dollar in the currency trading market . In April, both the ISM services and manufacturing index recorded a reading of less than 50.
point, indicating that the economy may slow in the second quarter of 2024. The US consumer confidence index fell for the third straight month in April, reaching 97, the lowest level since July 2022.

2. The labor market in the United States is tight

New employment in the non-farm sector fell to 175,000 jobs in April from 315,000 jobs in March, falling below 200,000 for the first time in the past five months, and the annual growth rate of average hourly wages slowed in April to 3.9% for the third month in a row. This is the first time since June 2021 that it has fallen below 4%.

The ISM service sector employment index fell to 45.9 points in April, below 50 for the third month in a row, and the employment data released last Friday (May 3) led to a decline in the yield of 10-year US Treasury bonds to below 4.6%, recording the lowest… level since April 9, and interest rate futures once again reflected expectations of a rate cut by the Federal Reserve in September.

3. The slowdown in inflation has stopped

Al
though the inflation slowdown in the United States has stalled, it is not enough for the Fed to abandon its dovish stance. At the Federal Open Market Committee (FOMC) press conference after the meeting on May 1, Chairman Powell stated that the next interest rate adjustment from… It is unlikely to be a rate hike.

The core PCE index rose 2.8% annually in March, which is down from a high of 5.6% in February 2022 and is approaching the Fed’s forecast of 2.6% in the fourth quarter of 2024. Therefore, inflation data may prevent a decline in the dollar index. Below the 50-day moving average (at around 104.56) next week.

The most important factors affecting the US dollar

The US dollar is variable and multiple factors can change the value of this currency. Being aware of these factors helps you make better decisions and prepare to make a profit in different financial markets. Below are the most important factors that can affect the US dollar.

1. Interest rate

One of the most important factors that affect the US
dollar is the interest rate set by the Federal Reserve Bank. A higher interest rate means an increase in the value of the US dollar as the price of money becomes more expensive. A lower interest rate means that the rate of lending or borrowing is cheaper, which reduces the value of the dollar, because This is a very important indicator that you should keep in mind so that you can see the path of the US dollar.

2. Economic growth rate

The most important indicator for any economy is the economic growth rate. A higher rate will increase the value of that national currency and a lower growth rate will reduce its value.

If the US economic growth rate increases, this is a positive signal that can increase the demand for the US dollar and grow its value. If the opposite scenario occurs, this will be a negative signal for the economy and can reduce the value of the economy, and even expectations about the US economy can change the price of the US dollar.

3. Inflation rate

The inflation rate is the average rate o
f prices of various products in the economy and services, and it is a very important indicator. A high inflation rate is a bad signal for the economy as it leads to higher prices and a decrease in the value of the national currency. However, a low inflation rate has a completely opposite effect to the scenario mentioned above, as it leads to an increase in the value of the national currency. The national currency because this is a positive signal for the economy.

Changes in the US inflation rate are a very important indicator that can change the value of the US dollar. A high inflation rate is a negative signal for the US dollar, while a low inflation rate is a positive signal for the US economy, which raises the value and price of the US dollar.

4. Unemployment rate

The unemployment rate is the number of all people aged 15 to 65 who have no job while they are actively searching for a job.

If the unemployment rate in the US economy increases it means that more people are out of work, which is a negative s
ignal for the economy that also shows slowing growth which will lead to a decline in the value of the US dollar.

Now if the unemployment rate decreases this indicates that the economy is growing and doing very well, it will benefit the entire society and the demand and value of the US dollar will continue to rise.

5. New monthly jobs

New jobs are one of the most important indicators of the American economy. The growth of new jobs monthly means that the economy is growing and can absorb the human resources of the economy very well, which is a positive indicator that will increase the value of the US dollar in the world.

The same is true when new job creation declines, and investors and economic activists see it as a bad signal that will devalue the US dollar.

6. Geopolitical tensions

There are more geopolitical tensions than ever before in the world, and for 2024 these tensions will continue to rise as there are many new powers in the world competing for more resources in the world.

Any geopolitical ten
sion is very good for the value of the US dollar because that will increase the demand for the national currency of the United States, as all people want to convert their money into US dollars because the US economy is the largest economy in the world and therefore it is a very safe place to put money.

7. Wars in the world

War means uncertainty, and it causes people to leave war zones and migrate to better and safer places, and since the United States is the most powerful country in the world and has the largest economy, it is the safest place to transfer capital and the best place to immigrate as well.

Any serious war in the world will cause the value of the US dollar to rise and the demand for this currency will continue to rise.

8. Retail sales

Retail sales show how consumers spend, so an increase in retail sales means that consumers are spending more and this is a very good sign for the economy, and if retail sales decrease, this is a negative indicator for the economy that indicates there is a probl
em within the economy.

Source: Maan News Agency

An environmental center warns of the decline in biodiversity in Iraq


The Iraqi Center for Environmental Monitoring warned, on Wednesday, of the decline in biodiversity in Iraq, due to climate change and human threats.

In a statement on the International Day for Biological Diversity, today, Wednesday, the Center urged the Iraqi authorities to take urgent practical measures to protect the country’s biodiversity, which is exposed to many threats, including declining water resources, high temperatures, and scarcity of rain, pointing to ‘the necessity of controlling poaching of all animals and the bulldozing of agricultural lands, as well as pollution resulting from industrial and oil activities.

The center called for activating and approving legislation related to the protection of biological diversity, re-registering and documenting species and reference classifications of local organisms, and working to declare and register protected areas.

Source: National Iraqi News Agency

Future Aviation Forum Surpasses Expectations, Unveils 102 Agreements Worth SAR75 Billion on Its Second Day


Riyadh: The second day of the Future Aviation Forum 2024, held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, organized by the General Authority of Civil Aviation (GACA) in Riyadh on May 20-22, witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals, with a total value exceeding SAR75 billion.

Thus, the forum exceeded expectations, as the agreements encompassed various sectors of civil aviation, such as aviation services, aircraft purchase orders, cargo and logistics services, advanced air mobility, human resources development, information technology, maintenance, repair, and overhaul.

The forum continued its proceedings for the second consecutive day with the participation of over 30 ministers, 77 leaders of civil aviation authorities, CEOs of airlines worldwide, and 7,000 aviation industry experts and leaders from more than 120 countries.

It focused on human capabilities, the future of the sector, collaboration opportunitie
s, civil aviation organization networks, sustainability, innovation, technology, and business opportunities within the sector.

The forum saw the GACA launching 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 and providing 958,000 jobs across various regions.

The GACA also hosted the first aviation investment exhibition aimed at facilitating investment in the Saudi aviation sector, with a focus on the advanced air mobility pavilion being among the exhibition’s prominent pavilions.

‘The Future Aviation Forum has achieved remarkable success by bringing together aviation industry leaders and experts from around the world to discuss the future of civil aviation and develop innovative solutions to its key challenges,’ said Minister of Transport and Logistic Services and Chairman of GACA Board of Directors, Saleh bin Nasser Al-Jasser.

He emphasized that the Kingdom is committed to providin
g more opportunities for the private sector, creating thousands of jobs for Saudi citizens, and continuing to attract investments and develop the Kingdom’s aviation capabilities.

Moreover, GACA President Abdulaziz bin Abdullah Al-Duailej said the outcomes of the forum have exceeded all expectations.

‘Over the first and second days, agreements, deals, and partnerships were established that will work towards enhancing the global aviation connectivity. This underscores the international confidence in the Saudi civil aviation system and its capability to take on a leading role in this pivotal sector,’ said Al-Duailej.

On the second day of the forum, the GACA signed numerous agreements for air transport services with countries such as Kiribati, Grenada, Malawi, Romania, Belize, Kiribati, Sao Tome and Principe, Lithuania, El Salvador, Albania, and Uzbekistan.

These agreements added to those signed on the first day, which included countries like Mozambique, Eswatini, Cambodia, and Brunei Darussalam.

The se
cond day’s events commenced with a speech by Advisor at the Royal Court and Supervisor General of the King Salman Humanitarian Aid and Relief Center (KSrelief), Dr. Abdullah bin Abdulaziz Al Rabeeah.

In his speech, Dr. Al Rabeeah highlighted the crucial role of civil aviation in providing humanitarian aid during natural disasters and conflicts.

Dr. Al Rabeeah called for the establishment of a ‘Global Humanitarian Aviation Council’ that brings together the aviation community, humanitarian organizations, and governments to facilitate and protect humanitarian aid transported by air routes. He also emphasized that all programs must be protected under international humanitarian law.

The third edition of the Future Aviation Forum comes at the beginning of a busy week for the civil aviation sector in the Kingdom.

Alongside the forum, Riyadh is hosting several prominent aviation events, including the World Annual General Assembly, Conference and Exhibition (WAGA 2024) of the Airports Council International (AC
I), and the International Civil Aviation Organization’s (ICAO) Facilitation 2024 Global Summit.

The Saudi capital is also hosting the Seventh Meeting of the Directors General of Civil Aviation-Middle East Region, and the meeting of the Regional Organization for the Regional Safety Oversight Organization for the Middle East and North Africa (MENA RSOO).

Additionally, there is the fourth edition of the Saudi Airports Awards Ceremony and the first Security Forum for the Arab Civil Aviation Organization (ACAO).

The Future Aviation Forum concludes on Wednesday with its third day, continuing to present investment empowerment opportunities in the Saudi aviation sector, valued at $100 billion.

The sessions will also delve into discussions on growth, investment, airports, air connectivity, supply chain management, resilience, human capital, and sustainability.

Source: Saudi Press Agency

Future Aviation Forum Surpasses Expectations, Unveils 102 Agreements Worth SAR75 Billion on Its Second Day


Riyadh: The second day of the Future Aviation Forum 2024, held under the patronage of the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud, organized by the General Authority of Civil Aviation (GACA) in Riyadh on May 20-22, witnessed the signing of 102 memoranda of understanding (MoUs), agreements, and deals, with a total value exceeding SAR75 billion.

Thus, the forum exceeded expectations, as the agreements encompassed various sectors of civil aviation, such as aviation services, aircraft purchase orders, cargo and logistics services, advanced air mobility, human resources development, information technology, maintenance, repair, and overhaul.

The forum continued its proceedings for the second consecutive day with the participation of over 30 ministers, 77 leaders of civil aviation authorities, CEOs of airlines worldwide, and 7,000 aviation industry experts and leaders from more than 120 countries.

It focused on human capabilities, the future of the sector, collaboration opportunitie
s, civil aviation organization networks, sustainability, innovation, technology, and business opportunities within the sector.

The forum saw the GACA launching 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 and providing 958,000 jobs across various regions.

The GACA also hosted the first aviation investment exhibition aimed at facilitating investment in the Saudi aviation sector, with a focus on the advanced air mobility pavilion being among the exhibition’s prominent pavilions.

‘The Future Aviation Forum has achieved remarkable success by bringing together aviation industry leaders and experts from around the world to discuss the future of civil aviation and develop innovative solutions to its key challenges,’ said Minister of Transport and Logistic Services and Chairman of GACA Board of Directors, Saleh bin Nasser Al-Jasser.

He emphasized that the Kingdom is committed to providin
g more opportunities for the private sector, creating thousands of jobs for Saudi citizens, and continuing to attract investments and develop the Kingdom’s aviation capabilities.

Moreover, GACA President Abdulaziz bin Abdullah Al-Duailej said the outcomes of the forum have exceeded all expectations.

‘Over the first and second days, agreements, deals, and partnerships were established that will work towards enhancing the global aviation connectivity. This underscores the international confidence in the Saudi civil aviation system and its capability to take on a leading role in this pivotal sector,’ said Al-Duailej.

On the second day of the forum, the GACA signed numerous agreements for air transport services with countries such as Kiribati, Grenada, Malawi, Romania, Belize, Kiribati, Sao Tome and Principe, Lithuania, El Salvador, Albania, and Uzbekistan.

These agreements added to those signed on the first day, which included countries like Mozambique, Eswatini, Cambodia, and Brunei Darussalam.

The se
cond day’s events commenced with a speech by Advisor at the Royal Court and Supervisor General of the King Salman Humanitarian Aid and Relief Center (KSrelief), Dr. Abdullah bin Abdulaziz Al Rabeeah.

In his speech, Dr. Al Rabeeah highlighted the crucial role of civil aviation in providing humanitarian aid during natural disasters and conflicts.

Dr. Al Rabeeah called for the establishment of a ‘Global Humanitarian Aviation Council’ that brings together the aviation community, humanitarian organizations, and governments to facilitate and protect humanitarian aid transported by air routes. He also emphasized that all programs must be protected under international humanitarian law.

The third edition of the Future Aviation Forum comes at the beginning of a busy week for the civil aviation sector in the Kingdom.

Alongside the forum, Riyadh is hosting several prominent aviation events, including the World Annual General Assembly, Conference and Exhibition (WAGA 2024) of the Airports Council International (AC
I), and the International Civil Aviation Organization’s (ICAO) Facilitation 2024 Global Summit.

The Saudi capital is also hosting the Seventh Meeting of the Directors General of Civil Aviation-Middle East Region, and the meeting of the Regional Organization for the Regional Safety Oversight Organization for the Middle East and North Africa (MENA RSOO).

Additionally, there is the fourth edition of the Saudi Airports Awards Ceremony and the first Security Forum for the Arab Civil Aviation Organization (ACAO).

The Future Aviation Forum concludes on Wednesday with its third day, continuing to present investment empowerment opportunities in the Saudi aviation sector, valued at $100 billion.

The sessions will also delve into discussions on growth, investment, airports, air connectivity, supply chain management, resilience, human capital, and sustainability.

Source: Saudi Press Agency