Weekly Newsletter

03 November 2023

Weekly Newsletter

03 November 2023

GACA approves new economic policy framework

This is set to be Saudi Arabia’s most significant transformation of its economic regulations since the launch of Vision 2030.

Cat Vitale November 02 2023

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.

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.”

The 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.

Cryptocurrency - The world’s most polarizing technology theme

The globalization and digitization of travel and tourism are both driving the demand for easy-to-use and cheap international transaction processes and payment systems. Tourists are beginning to discover that cryptocurrencies offer such opportunities—by simplifying cross-border transactions and overcoming the associated foreign currency exchange costs. At present, cryptocurrencies are the most advanced application of public blockchains that promise benefits such as a universal means of payment and minimal fees through the removal of intermediaries.

Newsletters by sectors


Sign up to the newsletter: In Brief

Your corporate email address *
First name *
Last name *
Company name *
Job title *
Vist our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Thank you for subscribing

View all newsletters from across the GlobalData Media network.