GACA, MISA and Brazil’s Embraer sign MoU to propel aviation sector investment

The MoU aims to bolster cooperation in aviation sector investments. Photo/Supplied
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Updated 03 December 2023
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GACA, MISA and Brazil’s Embraer sign MoU to propel aviation sector investment

RIYADH: Saudi Arabia is set to stay abreast of the latest developments in sustainability and innovation through a new agreement signed by the General Authority of Civil Aviation.   

The memorandum of understanding, inked with the Kingdom’s Ministry of Investment and Brazilian multinational aerospace corporation Embraer, aims to bolster cooperation in aviation sector investments, as stated in an official release.  

This initiative aligns with Saudi Arabia’s ambition to become a leader in the regional aviation sector within the next decade. It also supports the Gulf country’s broader efforts to elevate the aviation sector and achieve its target of attracting 150 million visitors by 2030, up from the initial goal of 100 million.

Under the newly signed deal, the parties will work hand in hand in an attempt to study potential areas for cooperation and investment in the field of aviation. 

In addition, the three entities will also work on exploring and identifying the most suitable investment sources and strategies to support the implementation of such commercial projects. 

Areas of cooperation between the institutions include exchanging knowledge and experiences in air security and safety and planning future projects in the field of commercial aviation, in addition to sustainable technology.

Moreover, other areas of collaboration include aviation supply chain integration, industry and green fuel. 

As the world emerges from the shadows of the COVID-19 pandemic, Saudi Arabia has started reaping the fruit of its efforts to wean its economy off oil by increasing its focus on its travel and tourism sector.  

The Kingdom’s aviation sector is witnessing rapid growth, which many analysts say is not just due to significant investments in airlines but is the result of the ongoing socioeconomic transformation process that began with the launch of Vision 2030 in 2016.  

One of the several measures taken to boost the sector includes the e-visa service launched in 2019, ensuring easy access to millions of potential tourists eager to explore the art, culture, cuisine, archaeological wonders, and natural beauty of the Arabian Peninsula.

“2023 is becoming a year in which Saudi aviation (industry) has moved beyond recovery (mode) and (entered) into an era of unprecedented milestones and achievements,” Mohammed Al-Khuraisi, executive vice president of strategy and business intelligence at GACA, told Arab News in August.


Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

Updated 25 January 2026
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Saudi Arabia’s cultural sector is a new economic engine between Riyadh and Paris, says ambassador

RIYADH: Culture has become a fundamental pillar in bilateral relations between France and Saudi Arabia, according to the French Ambassador to the Kingdom, Patrick Maisonnave.

Maisonnave noted its connection to the entertainment and tourism sectors, which makes it a new engine for economic cooperation between Riyadh and Paris.

He told Al-Eqtisadiah during the opening ceremony of La Fabrique in the Jax district of Diriyah that cultural cooperation with Saudi Arabia is an important element for its attractiveness in the coming decades.

La Fabrique is a space dedicated to artistic creativity and cultural exchange, launched as part of a partnership between the Riyadh Art program and the French Institute in Riyadh. 

Running from Jan. 22 until Feb 14, the initiative will provide an open workspace that allows artists to develop and work on their ideas within a collaborative framework.

Launching La Fabrique as a space dedicated to artistic creativity

The ambassador highlighted that the transformation journey in the Kingdom under Vision 2030 has contributed to the emergence of a new generation of young artists and creators, alongside a growing desire in Saudi society to connect with culture and to embrace what is happening globally. 

He affirmed that the relationship between the two countries is “profound, even cultural par excellence,” with interest from the Saudi side in French culture, matched by increasing interest from the French public and cultural institutions unfolding in the Kingdom.

Latest estimates indicate that the culture-based economy represents about 2.3 percent of France’s gross domestic product, equivalent to more than 90 billion euros ($106.4 billion) in annual revenues, according to government data. The sector directly employs more than 600,000 people, making it one of the largest job-creating sectors in the fields of creativity, publishing, cinema, and visual arts.

Saudi Arabia benefiting from French experience in the cultural field

Maisonnave explained that France possesses established cultural institutions, while Saudi Arabia is building a strong cultural sector, which opens the door for cooperation opportunities.

This comes as an extension of the signing of 10 major cultural agreements a year ago between French and Saudi institutions, aiming to enhance cooperation and transfer French expertise and knowledge to contribute to the development of the cultural system in the Kingdom.

He added that experiences like La Fabrique provide an opportunity to meet the new generation of Saudi creators, who have expressed interest in connecting with French institutions and artists in Paris and France.

La Fabrique encompasses a space for multiple contemporary artistic practices, including performance arts, digital and interactive arts, photography, music, and cinema, while providing the public with an opportunity to witness the stages of producing artistic works and interact with the creative process.