The UAE aviation sector is expected to achieve a robust growth of 170% by 2037 thanks to the great priority given by UAE leaders to this sector, said Sultan bin Saeed Al Mansouri, UAE Minister of Economy and Chairman of the General Civil Aviation Authority (GCAA
He was speaking after opening the second edition of the Global Investment in Aviation Summit (GIAS 2020) in Dubai, organised by GCAA under the theme “Enabling global aviation growth through fundraising and key partnerships”.
The three-day event is participated by the largest gathering of aviation ministers and heads of civil aviation authorities from around the world. A galaxy of leading aviation companies, airlines, aircraft operators and investors, as well as a large number of visitors from more than 57 countries are also taking part.
Al Mansouri, quoting a recent report issued by the International Air Transport Association (IATA), said the ongoing prioritisation of aviation as a key strategic asset could generate an additional 620,000 jobs in the UAE. The industry currently supports nearly 800,000 jobs and pumps $47.4 billion into the UAE economy, accounting for 13.3% of the UAE’s GDP.
The minister stressed that the government would continue to pursue a positive agenda for aviation, and based on this, the UAE’s aviation market will grow by 170% by 2037, supporting 1.4 million jobs and injecting $128 billion into the national economy.
The GIAS 2020 aims to offer a platform for stakeholders to share insights, experiences and expertise, as well as discuss latest aviation trends, with an ultimate goal of laying out strategies and mechanisms that help channel more investment into the aviation sector and consequently boost the growth and sustainability of global economy.
Al Mansouri welcomed participating guests and said: “On behalf of the UAE Government, it is a great honour for me to welcome you at the opening of the second edition of the summit. The GIAS 2020 aims to highlight promising investment opportunities in the aviation sector, especially in light of the giant infrastructure projects being implemented in the UAE and worldwide as part of international efforts to advance the aviation industry, as a locomotive of global economy and one of its main drivers.”
Al Mansouri underlined the importance of holding such global economic events that reflects the leadership’s forward-thinking vision for developing proactive plans necessary for shaping the future of the country in the next five decades, across all economic sectors, notably the aviation industry, which is a main driver of economic development in the UAE.
The minister noted that this vision is clearly exemplified in the implementation of many giant development projects and airport expansion plans, most noteworthy the new Abu Dhabi Airport and the expansion of the Dubai International Airport and the establishment of Dubai World Central (Al Maktoum International Airport), among others.
According to a recent report issued by the International Civil Aviation Organisation (ICAO), the aviation sector contributes $2.7 trillion to global GDP, and is expected to create 65.5 million new jobs globally by 2035. The report also indicates that the sector is projected to see an annual growth of 4.3% in passenger transport, and 3.9 per cent in the freight sector.
Al Mansouri also highlighted the important role SMEs play in boosting the national economy, enhancing its competitiveness and promoting sustainable economic development in the country as well as across the world, where the UAE is taking lead in this regard to offer the best economic, social, environmental, and political framework to support and promote this crucial sector.
Saif Mohammed Al Suwaidi, Director General of GCAA, stressed that GIAS has become an iconic platform that connects investors, industry experts and professionals, financial institutions and suppliers to familiarize them with aviation projects, and allow them the chance to assess successful investment experiences and conclude deals that would drive aviation to grow further.
“Through GIAS, we provide a unique platform for all stakeholders in industry to network and exchange knowledge and expertise. We also look to raise the awareness of investors and industry professionals about the importance of this sector, which has witnessed rapid growth over the last 10 years. We aimed through GIAS to showcase the promising investment opportunities aviation offers to investors,” Al Suwaidi said. - TradeArabia News Service
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