RIYADH: Advanced air mobility is on track to transform the transportation, tourism, and healthcare systems in Saudi Arabia and across the world, a top aviation official has claimed.

In his speech during the International Civil Aviation Organization Advanced Air Mobility Symposium taking place in Montreal, Canada from Sept. 9 to Sept. 12, General Authority of Civil Aviation President Abdulaziz Al-Duailej explained that the Kingdom is committed to a global leadership role in AAM, according to a statement. 

In 2023, the industry’s market value reached $9.7 billion, with projections indicating a climb to $50 billion by 2032. This corresponds with over 200 cities in 57 countries planning to implement this technology, necessitating a unified global approach in regulation, technology, and investment.

“This field is vital for addressing climate change, offering low-emission alternatives that can significantly reduce carbon footprints,” Al-Duailej said.

“International collaboration is crucial for advancing this technology. It requires coordination between industries and governments to ensure safety and drive innovation. In the Kingdom, we are accelerating these technologies, as seen with the air taxi trials in NEOM and during last year’s Hajj season,” he added.

The GACA president went on to say: “Today, we’re on the brink of a remarkable future in innovation and creativity. The choices we make now will shape the world for generations.”

SINGAPORE: Oil prices rose more than 1 percent on Thursday, spurred by concerns of Hurricane Francine impacting output in the US, the world’s biggest crude producer, though worries of lower demand capped gains.

Brent crude futures for November were up $1, or 1.4 percent at $71.61 a barrel at 9:32 a.m. Saudi time. US crude futures for October were up 92 cents, or 1.4 percent, at $68.23 a barrel.

Both contracts rose by more than 2 percent in the previous session as offshore platforms in the US Gulf of Mexico were shut and refinery operations on the coast disrupted by Hurricane Francine’s landfall in southern Louisiana on Wednesday.

“Both benchmarks, WTI and Brent, seem to have found some ground amid worries of disrupted US oil supplies,” said Priyanka Sachdeva, senior market analyst at Singapore-based brokerage Phillip Nova.

“The region accounts for about 15 percent of US oil production, with any disruptions in production likely to tighten supplies in the near term.”

But with the storm set to eventually dissipate after making landfall, the oil market’s attention again turned to lower demand.

US oil stockpiles rose across the board last week as crude imports grew and exports dipped, the Energy Information Administration said on Wednesday.

The data also showed gasoline demand fell to its lowest since May at the same time distillate fuel demand dropped, with refinery runs also declining. The US is the world’s biggest oil consumer.

Despite worries of Hurricane Francine impacting supply, the medium-term trend remains bearish for WTI crude, supported by weak demand from China and “growth scare concerns” in the US, said Kelvin Wong, senior market analyst at OANDA.

Earlier in the week, OPEC cut its forecast for global oil demand growth in 2024 and also trimmed its expectation for next year, its second consecutive downward revision.

“Oil traders are now looking ahead to International Energy Agency’s monthly market report later this week for any signs of a weakening demand outlook,” ANZ Research said in a note on Thursday.