DWC Summit to highlight opportunities in Middle East’s US$45bn Aerospace Market

DUBAI: Dubai World Central (DWC), the world’s first purpose-built aerotropolis designed around the Al Maktoum International Airport – the largest airport when completed – will host the first Aerospace Supply Chain Summit from this coming Wednesday at DWC Headquarters.

The event, held in collaboration with Arabian Reach FZ LLC, will be attended by industry leaders and top-level executives from across the globe. It will focus on various opportunities and challenges available across the region’s rapidly expanding aerospace supply chain, as well as in its defence sector.

Outlining the significance of the event, Tahnoon Saif, Vice President of DWC’s Aviation District, said, “As per the International Civil Aviation Organisation, the regional aerospace market is currently worth around US$45 billion, fuelled largely by the rapid growth of its airline industry.

Furthermore, as per the 20-year passenger growth forecast released by the International Air Transport Association (IATA), the Middle East will grow strongly (4.9 per cent ) and will see an extra 237 million passengers a year on routes to, from and within the region by 2034. We believe this presents industry players with exciting opportunities, as well as challenges.” Referring to a report by Boeing, Saif added, “Over the past five years, the Middle East has recorded the highest annual passenger growth in the world at 7 per cent , with cargo growth at 10-11 per cent . To cater to such demand, the region would need some 2,500 new aircrafts by 2025, at least 55,000 engineering and maintenance personnel, plus 62,000 pilots over the next 20 years.

“DWC is proud to lead this trajectory of momentous growth. Our Aviation District is a key component of our endeavours since it is already emerging as a significant hub that creates industry clusters that cater to the needs of our business partners.

The District is a powerful contributor to the building of a knowledge-based economy since it brings in the technology, facilitates knowledge transfer and promotes educational institutions. The Aerospace Supply Chain Summit is in line with our vision to move forward into the future,” Saif added.

Among the expected attendees at the Aerospace Supply Chain Summit include original equipment manufacturers (OEMs), suppliers, and airline executives, as well as industry experts who will discuss future perspectives and suggested action plan for the aerospace industry.

SOURCE: WAM