Aviation Sector Initiative in KSA
Saudi Arabia is on the cusp of foraying into aerospace manufacturing by launching an aviation industry cluster at the MODON Oasis in Jeddah. The ambitious project is poised to be a game changer for the aviation sector of Saudi Arabia, with the Saudi Authority for Industrial Cities and Technology Zones revealing the launch of the 1.2 million sq. m industry cluster.
This ambitious project is being developed with the Ministry of Industry and Mineral Resources and the General Authority for Civil Aviation. The initiative aims to localize cutting-edge aviation technologies and strengthen the sector’s supply chains.
Launch of Aviation Industry Cluster in Jeddah
The launch of the aviation industry cluster was announced during the ongoing Aerospace Connect Forum attended by GACA President Khalil bin Ibrahim bin Salamah, Deputy Minister of Industry and Mineral Resources, and MODON CEO Majed Al-Argoubi.
The focus will be on ready-built factories of varying sizes, designed to accommodate aviation sector companies and drive the industry’s localization.
Saudi as a Global Aviation Hub
The initiative aligns with Saudi Arabia’s National Industrial, Aviation, and Tourism Strategy, collectively aiming to position Saudi Arabia as a leading global aviation hub. Saudi Arabia will be transformed into a center for air transport, handling 30 million passengers and 2 million tons of air cargo annually.
The new aviation industry sector marks a quantum jump in Saudi Arabia’s strategy to strengthen industrial competitiveness, drive economic growth, and localize critical technologies, reinforcing the country’s leadership in the global aviation sector.
The inaugural Aerospace Connect Forum, which concluded on Feb.25, 1925, brought together prominent local and international aviation experts for knowledge exchange and business collaboration.
New Business Opportunities
Launching an aviation industry cluster at the MODON Oasis in Jeddah and supporting companies in the aviation sector is expected to create many opportunities for company formation in Saudi Arabia in the aviation sector by foreign investors.
The continuing liberalization of the rules and regulations regarding the setting up businesses in Saudi Arabia in the wake of its Vision 2030 initiative has attracted many foreign investors to set up businesses in the Kingdom.
The opening up of the aviation sector for private investment by launching the aviation cluster is expected to boost foreign investment further.
The establishment of companies by foreign and local investors will be made more manageable by taking the assistance of professional consulting agencies like the Helpline Group in Saudi Arabia.
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