Press release
RIYADH — May 28, 2024 — Bain & Company participated in the third edition of the Future Aviation Forum 2024, led by the General Authority of Civil Aviation (GACA), held from May 20 to 22. This prestigious event, focused on attracting investments into Saudi Arabia’s burgeoning aerospace sector, brought together over 30 ministers, 77 leaders of civil aviation authorities, CEOs of airlines worldwide, 5,000 aviation industry experts, and leaders from more than 120 countries.
The forum served as a pivotal platform for discussing key issues related to growth, investment, airports, air connectivity, supply-chain management, resilience, human capital, and sustainability. A significant highlight was the launch of the Kingdom's first aviation sector report by GACA, which underscored the sector's substantial economic contribution, amounting to $53 billion and providing 958,000 jobs. Additionally, GACA unveiled a roadmap for developing the business aviation and private aircraft sector with an ambitious goal to increase its size tenfold by 2030.
Akram Alami, Partner and Head of Aviation, Bain & Company Middle East was honored to moderate a panel session on “Aviation Business Models.” The session tackled the forward-looking view on the transformation of the global aviation ecosystem and explored how ecosystem coordination, operating models, advanced digital technologies and an increased focus on sustainability are transforming the aviation sector. The CEOs of Riyadh Airport Company, Flyadeal and Saudia Technic, along with the Senior Director for Aviation at PIF and the CFO of Riyadh Air joined the panel discussion.
The panelists emphasized the need for airlines, airports, and other ecosystem players to adopt innovative and sustainable solutions to transform their business models effectively. The discussion into the strategic importance of sustainability and the leading innovation in the aviation sector. Discussions on sustainability emphasized how a heightened focus on sustainable practices is reshaping business models, enhancing the sector, and reducing environmental impact. Concurrently, key aviation players are pioneering the adoption of cutting-edge technologies, with advancements in AI unlocking numerous new use cases for airlines and airports. Panelists highlighted the importance of innovative solutions and data-driven approaches in improving customer experiences and operational efficiency.
“As we stand here today at the FAF, there is no more exciting investment space for the sector globally, what we heard from the panel today was not only inspirational but only practical when it comes to execution of the transformation agenda of the sector,” noted Akram Alami, Partner and Head of Aviation, Bain & Company Middle East. “Investing in coordinated operating models not only supports economic growth across all subsectors in the industry. The potential benefits are immense, from improved customer experiences at airports to the development of a more resilient and sustainable aviation ecosystem.”
The forum underscored the collaborative efforts needed to position Saudi Arabia as a global aviation hub, highlighting significant investments in infrastructure and services.
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