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Saudi Aviation Sector Embraces Tech To Meet Vision 2030 Goals
The kingdom aims to become a global logistics hub and attract 100 million tourists by 2030.
Saudi Arabia is rapidly becoming a highly sought-after tourist destination, and in response to growing demand, the aviation industry requires year-on-year development on an increasingly large scale. As aviation is one of the most environmentally damaging sectors, mitigating harmful emissions is crucial to helping the Kingdom meet its ambitious Vision 2030 goals.
According to a recent report by the King Abdullah Petroleum Studies and Research Center, developing modern, high-tech aviation technologies could enhance Saudi Arabia’s aviation sector and simultaneously meet the requirements of growing volumes of tourists.
Co-author of the report, Abdulrahman Alwosheel, noted that Saudi Arabia enjoys a “strategic geopolitical position” and is a key location that connects the Asia-Pacific region to Europe and America. Developing this logistics hub is a critical component of the Vision 2030 roadmap.
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The National Tourism Strategy of Saudi Arabia plans to attract 100 million visitors by 2030, which could account for up to 10% of the Kingdom’s GDP. Meeting these lofty goals will require significant infrastructure improvements, as well as large-scale investment in innovative new technology and a highly-skilled workforce.
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Saudi Digital Payments Reach 80% As Cash Use Shrinks
Visa data shows cards and mobile wallets dominate spending, with smartphones now driving a growing share of daily transactions.
Digital payments now account for 80% of all transactions in Saudi Arabia, according to Visa’s latest Where Cash Hides report, another marker of how quickly the Kingdom is moving away from cash.
The share is up four percentage points from a year ago. Around 67% of consumers are now largely non-cash users, paying mainly with cards or mobile wallets. Smartphones are taking a bigger role, with mobile payments making up 16% of transactions.
Cash is retreating in routine spending. Eating out dropped 9%. Bill payments fell 8%, as shoppers opt for faster checkouts and app-based payments.
“The data shows a steady move toward digital payments in Saudi Arabia. Such progress is possible only because banks, fintechs, merchants, and technology partners are moving together in the same direction, in line with the Kingdom’s Vision 2030,” said Ali Bailoun, Visa’s Senior Vice President and Group Country Manager for Saudi Arabia, Bahrain, and Oman.
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Despite the recent findings, it’s important to note that cash hasn’t yet disappeared. It still shows up for tips (39%), peer-to-peer transfers (28%) and rent (14%).
Visa points to security features such as tokenization, along with rewards and cashback, as factors nudging more spending onto cards and phones — a shift that tracks with Saudi Arabia’s wider Vision 2030 push to digitize commerce.
Saudi Digital Payments Reach 80% As Cash Use Shrinks
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