JEDDAH: The Saudi aviation sector will benefit from a strategic alliance between the King Salman International Airport Development Co. and the Future Investment Initiative Institute to enhance innovation and sustainability.

The two parties inked the agreement on the sidelines of the eighth edition of the FII in Riyadh, a gathering of global leaders and decision-makers in business, politics, and investment.

Marco Mejia, acting CEO of KSIADC, and Richard Attias, CEO of the FII Institute, attended the signing ceremony.

The KSIADC will join an extensive network dedicated to developing solutions for worldwide challenges through FII’s platform and global connections. KSIADC, one of Saudi Arabia’s sovereign wealth fund firms, supports Vision 2030’s aim of establishing Riyadh as an international hub for transportation, trade, and tourism.

Developed in Riyadh, the airport will have six parallel runways and is expected to contribute SR27 billion ($7.18 billion) annually to the Kingdom’s non-oil gross domestic product.

Mejia said: “King Salman International Airport is a pioneering project focused on delivering innovative, high-quality, and sustainable solutions,” he said.

He added that they are working to set new global standards in airport design and operations to become an international benchmark in aviation.

“This strategic partnership with the FII Institute will help achieve this goal, paving the way for a sustainable future that empowers humanity and protects the land,” he said.

KSIA will help drive annual passenger traffic in Saudi Arabia from the current 29 million to 120 million travelers by 2030 and 185 million by 2050, with aircraft traffic in the Kingdom increasing from 211,000 to more than 1 million flights per year.

The airport is among the ambitious projects supporting the Kingdom’s Vision 2030, leveraging its strategic location connecting Asia, Africa, and Europe, establishing Riyadh as a global destination for transportation, trade, and tourism.

The partnership is set to enhance the airport’s standing in innovation and sustainable development, underscoring its contribution to shaping the future of global aviation and building a sustainable world, according to the Saudi Press Agency.

Attias welcomed KSIADC to the FII Initiative, adding that: “By joining, the company becomes part of a unique group of leading companies and organizations providing the expertise, strategies, and leadership needed to tackle contemporary global challenges and advance our mission to positively impact humanity.” 

RIYADH: The Royal Commission for AlUla is reshaping the city’s economy, with non-tourism sectors contributing around SR7 billion ($1.86 billion) to Saudi Arabia’s gross domestic product, a senior official said.

During a panel session at the Future Investment Initiative in Riyadh, Abeer Al-Akel, acting CEO of RCU, highlighted that this figure nearly matches AlUla’s tourism contribution to the Kingdom’s gross domestic product at around SR9.5 billion.

Al-Akel said that the commission is working to diversify the city’s economic foundation and provide the local community with inclusive growth opportunities.

She added: “People might not know that the contribution of non-tourism sectors in AlUla is basically around SR7 billion, which is a very close amount to the tourism, right? 

“We are basically working with the local community in ensuring that we provide the local community with opportunities for them to participate in what we do in AlUla.”

As part of RCU’s diversification strategy, agriculture ranks as the second-largest sector in AlUla after tourism.

The commission has committed to improving farming practices and enhancing the entire agricultural value chain — from production and packaging to buyer connectivity.

“We’re aiming to empower our farming community and introduce local produce to a broader market,” Al-Akel said, underscoring RCU’s goals of fortifying AlUla’s food ecosystem and increasing local producers’ market reach.

She continued: “We’re really doing this for three main reasons. One is to ensure that we create and advance the food ecosystem in AlUla and expand it, but we’re also doing this to empower our farming community.

Al-Akel added: “Finally, is to mainly do that because of introducing local produce to a bigger networking market.”

Furthermore, RCU’s efforts to establish AlUla as a regional film hub are underway, with recent successes including the blockbuster movie Kandahar featuring Gerard Butler.

She explained that AlUla now boasts a world-class, 30,000 sq. meter production facility, positioning it as a major destination for international film production.

With 700 production days already recorded, the sector is set to contribute to the economy and foster local creative talent both in front of and behind the camera.

AlUla’s historic role as an ancient crossroad of civilizations is being revitalized through strategic international partnerships.

RCU collaborates with leading global organizations such as UNESCO and the World Bank, working toward shared goals of cultural conservation, environmental preservation, and sustainable economic growth.

AlUla’s comprehensive eco-friendly approach, guided by its 12-point Sustainability Charter, places environmental and cultural preservation at the forefront of all initiatives.

As Al-Akel emphasized, the RCU’s mandate is to “strike a delicate balance between development and ecosystem progress,” ensuring that AlUla’s unique natural and cultural landscape is protected while fostering economic growth.

“We are on the right track, and we have achieved a lot in the past years; we have basically introduced and released over 2,300 animals into the wild,” Al-Akel said.

She continued to say that 50 percent of the lands are “basically protected,” adding: “We have recruited more than 150 Rangers that are now patrolling and monitoring those reserves.”