26 September 2024 – Abu Dhabi, United Arab Emirates: The seventh edition of the Global Aerospace Summit (GAS) 2024 concluded in Abu Dhabi today, welcoming further insightful discussions among leaders from across the aerospace, aviation, and defence sectors.
Day two of the summit opened with a thought-provoking panel on ‘Understanding the shifts in air travel demand and adapting accordingly’. The panel highlighted IATA’s positive air traffic figures in July, citing passenger demand up around 8%, and that it could reach more than 10% for the year. However, it also discussed some of the challenges facing the industry, both geopolitical, mechanical and seasonally, as well as quite a few airlines currently seeing much weaker yields across the Atlantic.
When looking at the impact of seasonality on global aviation leaders, Tasos Michael, Executive Chairman at Cyprus Airlines, said: 'Seasonality is a huge problem, and particularly this year. The high season was very concentrated, so you have craziness during the months of July and August, but the season started fairly late this year in June, and it ended fairly early this year in September. Of course, what you try and do is your maintenance over the lean months, so you can try and program your aircraft to be maintained during the winter months rather than in the revenue-earning season. Certainly, we adjust the headcount in the company during the lower season. Most airlines, especially in the European market, suffer—it’s difficult to make money in the winter months. Hopefully, you cover your costs, and if you’re very lucky, you make a small profit in the winter, but you wait for the summer to make the real revenues.'
Meanwhile Laila Odiņa, Chief Executive Officer at RIX Riga Airport, said 'We noticed that seasonality is getting less important in our operations. Before COVID, there were straight peaks during summertime, Christmas, and public holidays. But right now, the schedule is getting more flat. The reason is that before we had more business travel—60% business travel, 40% leisure—but right now it’s mixed, so we have more leisure travellers. Operators are opening new destinations, also covering off-peak seasons, and right now it's really flat, which is very good for us as an airport.'
The panel also discussed the impact of business travel and whether it would return to previous levels following changes in working pattens post-COVID. Vincent Coste, Chief Commercial Officer at Riyadh Air, commented: “It depends on where you’re from. Looking at Riyadh, business travel is extensive. We have armies of consultants flying to and from Riyadh with economic exchanges between Saudi Arabia and the rest of the world quite high. I would say, from a Riyadh perspective, business travel is quite high, and demand will only increase.”
With sustainability a core focus for the entire sector, the panel on ‘Accelerating sustainable aviation fuel production and adoption’ explored the challenges and opportunities in SAD adoption and need to enable international cooperation. Alexander Kueper, Vice President, Renewable Aviation Business at Neste, said: “The UAE has indeed set an ambitious roadmap with a target to produce 700 million litres of sustainable aviation fuel by 2030 and achieve Net Zero by 2050 across its aviation industry. This means in order to reach its targets, it must scale up the production to reach a range between 10 to 12 billion litres by 2050 to meet the demand across the sector. Key stakeholders are constantly collaborating and innovating to address challenges related to the cost of clean fuel, policies, and availability over the coming years.”
The summit’s conference concluded with a panel on ‘Investing in the aerospace and aviation industry: A 10 year road map.’ Anas Zenneidine, Chief Executive Officer at Innovation MENA, Dr. Mariam Ketait, Regional Lead at Aerospace Xelerated and Boeing, Charles Beigbeder, Expansion Chairman at Audacia and Sahith Reddy, Founder at Bumi & Space, explored key investment opportunities across various industry segments, highlighting areas with strong growth potential, as well as examined how governments and investors can collaborate more effectively to drive long-term industry success.
Day two also featured two insightful workshops that delved into key areas shaping the future of aerospace. The 'NewSpace Era Executive Dialogue' explored emerging concepts within the growing NewSpace industry. Participants were inspired by a special screening of 'FORTITUDE,' a documentary by award-winning filmmaker Torsten Hoffmann, featuring insights from space industry leaders, including renowned astrophysicist Neil deGrasse Tyson. The second workshop, 'Charting Your Flight Path: Navigating Leadership and Board Appointments in Aviation,' offered a roundtable discussion aimed at empowering female aerospace executives. The session provided practical advice on leadership and board appointments, fostering valuable connections and support as attendees navigated their careers in aviation.
The Global Aerospace Summit 2024 brought together global leaders for two days of high-level discussions and strategic industry insights. Addressing some of the most critical issues in aerospace, space, and defence. With topics ranging from space exploration and technological innovation to sustainability and youth engagement, the summit solidified its role as a premier platform for shaping the future of the industry. Taking place in the UAE, a global hub for aerospace, the event fostered greater collaboration and strengthened strategic capabilities on an international level.
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