A robust growth of as much as 170% by the year 2037 is predicted for the aviation sector in the United Arab Emirates, according to the General Civil Aviation Authority (GCAA) chairman and UAE Minister of Economy Sultan bin Saeed Al Mansouri.
Al Mansouri made the comments while opening the second edition of the Global Investment in Aviation Summit (GIAS) in Dubai, which has been organised by the GCAA with the aim of enabling growth in global aviation via key partnerships and fundraising.
The biggest gathering of civil aviation authority heads and aviation ministers from all over the world is participating in the event, which runs for three days and is being attended by many leading aviation firms, aircraft operators, investors and airlines.
There are also many visitors taking part from over 57 different countries.
Al Mansouri quoted from an International Air Transport Association report that was issued recently and stated that as many as 620,000 new jobs could be created in the UAE because of the continuing prioritisation of aviation as a major strategic asset.
Almost 800,000 jobs are currently being supported by the industry, which also contributes as much as US$47.4bn to the UAE economy – around 13% of the country’s total GDP.
Al Mansouri stressed that a positive aviation agenda will continue to be pursued by the UAE government and that its aviation market is projected to increase by 170% over the course of the next 17 years.
A total of 1.4m jobs will be supported by this increase, with $128bn injected into the country’s economy.
GIAS 2020 will provide a platform that allows shareholders to share their experiences, expertise and insights in addition to discussing the latest trends in aviation.
The eventual goal is to lay out ways of channelling a greater amount of investment into the sector and therefore boosting the worldwide economy’s sustainability and growth.
Al Mansouri welcomed guests participating in the event and said that it was an honour for the UAE government to do so at the opening of the summit’s second event.
The aim of GIAS 2020 is to highlight promising opportunities for investment in the aviation sector, especially given the enormous infrastructure projects that are being implemented in the UAE and all over the world, according to Al Mansouri.
The implementation of the projects is part of an international move to advance the industry as a whole as one of the primary movers of the world’s economy.
He stressed the importance of such global economic events being held in the UAE as a reflection of the forward-thinking leadership vision to develop plans that are proactive in shaping the nation’s future for the next 50 years in all economic sectors.
The aviation industry in the UAE has a particular emphasis placed on it because it is the nation’s primary driver of economic development.
Anyone planning to fly to the UAE or from the UAE to anywhere else in the world should ensure that they have travel insurance coverage to guard against financial issues that may arise from incidents such as cancelled flights and lost or stolen luggage.