UAE’s Aviation Sector Soars: Record Growth in Passengers and Air Traffic Signals Economic Potential
The UAE’s aviation sector has experienced a remarkable surge in both air traffic and passenger numbers, indicating tremendous economic potential. In the first half of 2023, the country’s airports welcomed a staggering 62.79 million passengers, a significant 46 percent increase compared to the previous year’s 43.02 million passengers.
Abdulla Bin Touq Al Marri, the Minister of Economy, embarked on an official visit to France where he visited various key establishments, including the startup incubator ‘Station F,’ the Airbus Innovation Center, and the headquarters of First Abu Dhabi Bank. The aim of this visit was to strengthen economic cooperation between the UAE and France across multiple crucial sectors, such as renewable energy, tourism, aviation, entrepreneurship, AI, space, intellectual property, and the circular economy.
During his visit to ‘Station F,’ Bin Touq familiarized himself with the innovative programs and initiatives offered by the incubator to support entrepreneurs and small and medium-sized enterprises (SMEs), particularly those engaged in advanced technology fields. He also explored the potential for the UAE’s entrepreneurship ecosystem to benefit from these programs.
The Minister of Economy highlighted the UAE’s advanced economic environment, which provides comprehensive support to entrepreneurs and their innovative projects. This support includes a robust and flexible economic legislative system that ensures fair competition and equal access to opportunities. Additionally, the UAE offers leading programs and initiatives that continually develop and enhance the skills of entrepreneurs in line with the demands of the future economy.
Bin Touq emphasized the Ministry of Economy’s commitment to supporting national efforts in developing entrepreneurship as a key pillar of the UAE’s new knowledge economy, as outlined in the ‘We the UAE 2031’ vision. To achieve this, the Ministry aims to facilitate easy financing for startups operating in emerging economic sectors through collaboration with strategic partners at local, regional, and global levels.
The UAE has set a target of accommodating one million SMEs by 2030. As of the end of 2022, there were 557,000 registered SMEs in the country. Currently, the SME sector contributes 63.5 percent to the UAE’s non-oil GDP. Moreover, the UAE has been ranked as the best destination for setting up businesses for two consecutive years, surpassing numerous countries, according to the Global Entrepreneurship Index (GEI) 2023 by the Global Entrepreneurship Monitor.
During his visit to the Airbus Innovation Center, which is one of the largest commercial aircraft manufacturers in the world, Bin Touq, who also serves as the Chairman of the Board of Directors of the General Civil Aviation Authority, attended a presentation that detailed the company’s history, plans, future projects, and latest innovations related to air transport.
Bin Touq emphasized that the series of achievements accomplished by the UAE’s aviation sector strengthens the country’s position as a global leader in aviation and travel. The UAE’s advanced infrastructure and developed airports, along with its talented workforce trained to the highest standards, flexible legislation, and forward-thinking visions, have contributed to the continuous development of this vital sector.
Furthermore, he highlighted the UAE’s fruitful partnership with Airbus in the civil aviation sector, which has supported the expansion of the national aviation industry into new markets, thereby contributing to the overall growth of the national economy and creating more job opportunities.
In addition to the remarkable growth in passenger numbers, air traffic in the UAE increased significantly in the first half of 2023. According to data from the General Civil Aviation Authority, there were 446,704 flights during this period, compared to 359,900 in the same timeframe of 2022. The UAE’s national carriers operated flights to approximately 552 destinations worldwide, including joint destinations and cargo destinations, as reported by these carriers.
Bin Touq also visited the Abu Dhabi First Bank branch in France, where he received a comprehensive briefing on the bank’s current programs and leading services provided to the French private sector. He discussed the bank’s future expansion plans in France with the officials, emphasizing its role in supporting general economic cooperation and banking cooperation between Abu Dhabi and Paris.
The soaring achievements of the UAE’s aviation sector, coupled with the favorable environment it offers to startups in emerging economic sectors, position the country as a global leader in aviation and a sustainable hub for major civil aircraft manufacturing and sales subsidiaries. This success can be attributed to the UAE’s advanced infrastructure, unparalleled airports, well-trained national talent, flexible legislation, and visionary approach that continuously drives the development of this critical industry.
The record growth in passenger numbers, as well as the increased air traffic, further solidify the UAE’s aviation sector as a key player worldwide. With ambitious goals for SME development, the UAE aims to foster an environment conducive to entrepreneurship, supported by strategic partnerships and easy financing options. Through its unwavering commitment to innovation and economic diversification, the UAE is paving the way for a prosperous and sustainable future.
Note: This article is generated by OpenAI’s language model.
