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The second edition of the Global Investment in Aviation Summit (GIAS 2020), scheduled to take place on January 27-29, is expected to showcase huge development projects and infrastructure investments in the global aviation sector. According to a statement by Strategic Events and Exhibition, as the aviation sector is growing, countries are investing billions of dollars towards expanding existing airports and building new ones.

"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," the conference organiser said.

Last week, the International Air Transport Association (IATA) announced that globally, passenger demand rose 3.1 per cent in November, compared to 3.0 per cent reported in October. Middle Eastern airlines posted the strongest performance, as passenger demand rose by 7.4 per cent. African airlines posted the second-strongest performance of the month. IATA also provided results for travel demand, showing that the global demand growth rose by 3.3 per cent in the same period under review.

A forecast by the IATA shows that passenger numbers will rise to 4.72 billion in 2020, up 4.0 per cent from the 4.54 billion passengers recorded in 2019.

The event organiser said United Arab Emirates (UAE) and other countries are keen on taking advantage of the significant increase in passenger traffic to develop airport infrastructure.

“The authority seeks to increase airspace capacity by adding more routes to neighbouring countries and introducing a new navigation management system this year,” said His Excellency Saif Mohammed Al Suwaidi, Director-General of the General Civil Aviation Authority (GCAA) in the UAE. “The UAE has so far invested $270 billion (AED1 trillion) on the development of airport infrastructure projects across the country and a fleet of 884 commercial aircraft.”

Al Suwaidi, also emphasised the need to inject more money in order to keep pace with massive and successive developments in the sector. In its statement, Strategic Events and Exhibition noted that more data will be provided at the GIAS 2020, which will hold in Dubai and be attended by key industry players.

The GIAS was launched in 2018 to foster a sustainable civil aviation system. More than 850 international delegates and 120 investors from 60 countries, including Saudi Arabia, US, UK, India, Germany, France, participated at the first edition of the summit.