$270bn invested in aviation sector so far, says UAE
General Civil Aviation Authority chief says more investments needed to keep pace with aviation demands
The UAE has so far invested AED1 trillion ($270 billion) in airport infrastructure development projects, according to the General Civil Aviation Authority's director-general.
In a statement released by the UAE aviation authority, Saif Mohammed Al Suwaidi said the investments span development projects across the country and a fleet of 884 commercial aircraft.
"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 said in comments published by state news agency WAM.
The GCAA chief's remarks come ahead of the Global Investment in Aviation Summit (GIAS 2020) which is set to take place on January 27-29.
The summit, taking place in Dubai, will highlight airport development projects and infrastructure investments as part of its two-day agenda.
The aviation sector is experiencing significant and rapid growth in air transport and airport construction and expansion, leading to the growth of regional and global economies, particularly in the Asia-Pacific region and the Middle East, the world's fastest growing market, although Europe still maintains strong growth prospects until 2040.
According to forecast reports issued by the International Air Transport Association, passenger numbers will rise to 4.72 billion in 2020, up four percent from the 4.54 billion passengers recorded in 2019.
