Arab News, Thu, Oct 31, 2024 | Rabi al-Thani 28, 1446
Saudi aviation to enhance innovation, sustainability through new alliance
Saudi Arabia:
The Saudi aviation sector will benefit from a
strategic alliance between the King Salman International Airport Development Co.
and the Future Investment Initiative Institute to enhance innovation and
sustainability.
The two parties inked the agreement on the
sidelines of the eighth edition of the FII in Riyadh, a gathering of global
leaders and decision-makers in business, politics, and investment
Marco Mejia, acting CEO of KSIADC, and Richard
Attias, CEO of the FII Institute, attended the signing ceremony.
The KSIADC will join an extensive network
dedicated to developing solutions for worldwide challenges through FII’s
platform and global connections. KSIADC, one of Saudi Arabia’s sovereign wealth
fund firms, supports Vision 2030’s aim of establishing Riyadh as an
international hub for transportation, trade, and tourism.
Developed in Riyadh, the airport will have six
parallel runways and is expected to contribute SR27 billion ($7.18 billion)
annually to the Kingdom’s non-oil gross domestic product.
Mejia said: “King Salman International Airport is
a pioneering project focused on delivering innovative, high-quality, and
sustainable solutions,” he said.
He added that they are working to set new global
standards in airport design and operations to become an international benchmark
in aviation.
“This strategic partnership with the FII Institute
will help achieve this goal, paving the way for a sustainable future that
empowers humanity and protects the land,” he said.
KSIA will help drive annual passenger traffic in
Saudi Arabia from the current 29 million to 120 million travelers by 2030 and
185 million by 2050, with aircraft traffic in the Kingdom increasing from
211,000 to more than 1 million flights per year.
The airport is among the ambitious projects
supporting the Kingdom’s Vision 2030, leveraging its strategic location
connecting Asia, Africa, and Europe, establishing Riyadh as a global destination
for transportation, trade, and tourism.
The partnership is set to enhance the airport’s
standing in innovation and sustainable development, underscoring its
contribution to shaping the future of global aviation and building a sustainable
world, according to the Saudi Press Agency.
Attias welcomed KSIADC to the FII Initiative,
adding that: “By joining, the company becomes part of a unique group of leading
companies and organizations providing the expertise, strategies, and leadership
needed to tackle contemporary global challenges and advance our mission to
positively impact humanity.”