GACA, MISA, and Embraer Collaborate to Boost Aviation Sector Investment
The General Authority of Civil Aviation (GACA) of Saudi Arabia, along with the Ministry of Investment (MISA) and Brazil's aerospace company Embraer, have signed a Memorandum of Understanding (MoU) to drive investments in the aviation sector. This partnership is part of Saudi Arabia’s effort to become a regional aviation leader and attract 150 million visitors by 2030, increasing from the initial 100 million goal.
The agreement focuses on collaboration to explore joint investment opportunities and develop strategies to implement aviation projects. It emphasizes sharing knowledge in air security and safety, undertaking new commercial aviation ventures, integrating supply chains, industry expansion, and the development of sustainable aviation fuels.
The initiative is in line with Saudi Arabia’s Vision 2030 to diversify its economy beyond oil, particularly bolstering the travel and tourism industry, which is experiencing rapid growth. This is reflected in actions such as the 2019 introduction of e-visa services that have facilitated entry for millions of tourists.
Saudi Arabia's aviation industry aims to achieve significant milestones in 2023, moving past post-pandemic recovery and into a phase of notable success, according to GACA's executive vice president of strategy and business intelligence, Mohammed Al-Khuraisi.