Saudi Arabia’s Aviation Sector Fuels Economic Growth and Job Creation
Saudi Arabia’s aviation sector contributes significantly to the Kingdom’s economy, with a $53 billion impact and support for 958,000 jobs, according to an upcoming report.
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The General Authority of Civil Aviation (GACA) revealed that the Saudi Arabia’s aviation sector is playing a very important role in the growth of the economy. It specifically highlighted that civil aviation contributes $20.8 billion through direct aviation activities and another $32.2 billion via the tourism sector, providing 241,000 jobs in civil aviation and about 717,000 other jobs in tourism.
Vision 2030 and Strategic Advances
Aligning with the Kingdom’s Vision 2030, these contributions are detailed in the first edition of a report on the state of the aviation sector, which will be introduced at the Future Aviation Forum 2024.
This event, under the patronage of King Salman bin Abdulaziz Al Saud, will run from May 20 to 22 and is themed “Enhancing the Level of Global Connectivity.” The report underlines major transformations within the sector, noting that in 2023, Saudi Arabia’s international seat capacity grew by 123%, outpacing the global and regional recovery rates of 90% and 95%, respectively.
Additionally, passenger growth hit 26%, totaling about 112 million last year. Eng. Saleh Al-Jasser, Saudi Minister of Transport and Logistics Services and Chairman of GACA, emphasizes that the Saudi aviation sector is witnessing major leaps according to international indicators and a constant transformation in support of the Kingdom’s Vision 2030. It is also in line with the National Transport and Logistics Strategy (NTLS) and provides unprecedented opportunities in the air transport sector.
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Employment grew for the 16th consecutive month as companies expanded.
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According to a recent PMI report, Qatar experienced its fastest non-energy sector growth in almost two years in June, driven by surges in both existing and new business activities.
The Purchasing Managers’ Index (PMI) headline figure for Qatar reached 55.9 in June, up from 53.6 in May, with anything above 50.0 indicating growth in business activity. Employment also grew for the 16th month in a row, and the country’s 12-month outlook remained robust.
The inflationary pressures were muted, with input prices rising only slightly since May, while prices charged for goods and services fell, according to the Qatar Financial Centre (QFC) report.
This headline figure marked the strongest improvement in business conditions in the non-energy private sector since July 2022 and was above the long-term trend.
The report noted that new incoming work expanded at the fastest rate in 13 months, with significant growth in manufacturing and construction and sharp growth in other sectors. Despite the rising demand for goods and services, companies managed to further reduce the volume of outstanding work in June.
Companies attributed positive forecasts to new branch openings, acquiring new customers, and marketing campaigns. Prices for goods and services fell for the sixth time in the past eight months as firms offered discounts to boost competitiveness and attract new customers.
Qatari financial services companies also recorded further strengthening in growth, with the Financial Services Business Activity and New Business Indexes reaching 13- and nine-month highs of 61.1 and 59.2, respectively. These levels were above the long-term trend since 2017.
Yousuf Mohamed Al-Jaida, QFC CEO, said the June PMI index was higher than in all pre-pandemic months except for October 2017, which was 56.3. “Growth has now accelerated five times in the first half of 2024 as the non-energy economy has rebounded from a moderation in the second half of 2023,” he said.
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