Investments span development projects across the country and a fleet of 884 commercial aircraft
The UAE has so far invested $270 billion into airport infrastructure development projects, the director-general of the General Civil Aviation Authority has revealed.
According to a statement released by the UAE aviation authority, Saif Mohammed Al Suwaidi said that such investments span development projects across the country and a fleet of 884 commercial aircraft.
The aviation sector is experiencing rapid and significant growth, particularly in air transport, airport construction and expansion, leading to the growth of regional and global economies, particularly in the Asia-Pacific region and the Middle East, which is the world’s fastest growing market. Europe continues to maintain strong growth prospects until 2040.
Forecast reports issued by the International Air Transport Association (IATA) predict that passenger numbers will rise to 4.72 billion in 2020, up 4% from the 4.54 billion passengers recorded in 2019.
“I believe there is a need to inject more money in order to keep pace with massive and successive developments in the sector,” Al Suwaidi noted.
The GCAA Director-General’s remarks come ahead of the upcoming Global Investment in Aviation Summit, GIAS 2020, set to take place on 27th and 29th January. The summit, taking place in Dubai, will spotlight airport development projects and infrastructure investments, the WAM report added.