Saudi Arabia’s General Authority of Civil Aviation (GACA) has set a new economic policy framework that hopes to transform the Saudi Arabian aviation sector.
The GACA claimed the framework will set the most significant transformation of its economic regulations since the launch of the Kingdom’s Vision 2030.
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The policies, which were approved on 30 October, cover airport services, including ground handling services, air cargo and air transport services.
Seeking to aim for investments of $100bn by 2030, the framework aligns with the Kingdom’s expansion strategies and boosts support for the privatisation of airports.
GACA president Abdulaziz Al-Duailej emphasised how these changes will transform the aviation sector: “GACA’s transformation of Saudi Arabia’s aviation economic regulations will drive further investment, growth and performance across the aviation sector.
“The regulations will enable the realisation of the Saudi Aviation Strategy, which is mobilising $100bn in investment from public and private sector sources by 2030.”
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By GlobalDataThe authority said policies were made with the aims of boosting competitiveness, increasing transparency and enabling the realisation of Saudi Aviation Strategy objectives.
Airports now have more freedom to diversify their revenue streams by expanding non-aeronautical earnings and will be able to propose fees under GACA’s policy frameworks.
“The regulations create an open, dynamic and competitive market, setting a level playing field for global operators and investors in the Kingdom. These changes will create more competition, choice and value for passengers and consumers,” Al-Duailej added.
The regulations, some of which are being phased in over the course of 18 months, were created and adopted in advance of this change after a thorough consultation process involving stakeholders in the aviation sector.
