Saudi Businessmen Seek Investment Opportunities in Iraq with Government Support

2023-11-13 02:23:22

Table
  1. Saudi Businessmen Eye Investment Prospects in Iraq
    1. Strategic Aviation Enhancements
    2. PIF's Role in Business Expansion
    3. AviLease: A Multifaceted Approach
    4. Riyadh Air: The New Era of Aviation
    5. Three Pillars for Aviation Success

Saudi Businessmen Eye Investment Prospects in Iraq

The thriving aviation sector in Saudi Arabia is poised for further growth under the ambitious Saudi Vision 2030. This holistic strategy focuses on sectors like tourism and transportation, aimed at making the kingdom a global tourist hub.

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In a dialogue with a leading publication, Raed Ismail, the Director of Direct Investments in MENA for the PIF, conveyed the intent to make Saudi Arabia a leading destination with projections of welcoming 100 million visitors by 2030.

Strategic Aviation Enhancements

Ismail mentioned that the aviation blueprint in Saudi Arabia is finely tuned and comprehensive, even beyond the scope of individual airline operations. Factoring in elements like King Salman Airport strengthens the country's overarching transportation strategy.

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A key focus area is pilot training, especially highlighted during the global shortage amid the pandemic. For Ismail, nurturing fresh talent is vital. He also underscored the importance of maintenance and supply chain development within the aviation ecosystem.

PIF's Role in Business Expansion

Since its inception in 2016, the PIF has been instrumental in launching about 90 companies, enhancing various sectors. Ismail unveiled ongoing plans to foster new enterprises, particularly in the commercial realm, where there are ample opportunities for further development.

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Initiatives like Riyadh Air and AviLease exemplify the recent expansions within the commercial aviation segment, with PIF actively exploring further prospects in this domain.

AviLease: A Multifaceted Approach

AviLease, introduced by the fund in 2022, operates on a four-pronged strategy. It includes financing airlines, acquiring aircraft, participating in mergers and acquisitions, and purchasing directly from manufacturers.

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Ismail remarked on the company's international expansion and its role in buttressing other airlines like Flynas and Saudi Airlines.

Riyadh Air: The New Era of Aviation

The inception of Riyadh Air symbolizes an innovative leap, starting where others have left off. This modern establishment aims to leverage advanced technology and unique customer experiences, aiding the Kingdom's tourism ambitions.

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Ismail detailed how Riyadh Air is set to enhance connectivity, allowing easier access to landmark projects and facilitating an increase in tourist traffic to and within the Kingdom.

The company's operational activities are scheduled to begin in the first half of 2025, according to Riyadh Air's CEO, Tony Douglas. Ismail also mentioned considerations for expanding their fleet with single-aisle aircraft.

Three Pillars for Aviation Success

Ismail pointed out three pillars crucial to the success of the aviation industry in Saudi Arabia. Firstly, a comprehensive outlook encompassing the whole aviation system is essential. Secondly, the PIF's long-term investment horizon allows for the patience the industry needs. Lastly, he emphasized the importance of strategic collaborations and synergies among the PIF's affiliated companies within the sector.

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