Saudi Arabia to Invest $180B in Green Economy; Saudia Group to Purchase 100 eVTOL Jets

Saudi Arabia is investing over $180 billion to develop a green economy, reinforcing its leadership in renewable energy. In a groundbreaking move, Saudia Group has also signed a deal with Lilium to purchase 100 eVTOL jets, marking a significant step in regional air mobility.

Saudi Arabia Commits $180 Billion to Green Economy, Aims to Lead in Renewable Energy Initiatives

According to Minister of Economy and Planning Faisal Al-Ibrahim (via Ashraq Al-Awsat), Saudi Arabia is a key player in the pursuit of global climate-related objectives. The country has implemented over 80 initiatives and invested over $180 billion to enhance its green economy and establish itself as a leader in renewable energy.

Al-Ibrahim emphasized in his speech at the High-Level Political Forum for Sustainable Development 2024 in New York that Saudi Arabia is striving to improve sustainability on a local level. The country is implementing a comprehensive strategy that encompasses all facets of the economy and emphasizes the well-being of its citizens to realize its latent potential, by the Kingdom's Vision 2030.

“In Saudi Arabia, we realize that sustainable progress depends on creating and exploiting opportunities to improve the general standard of living and enhance the quality of life.”

Al-Ibrahim underscored the significance of establishing a prioritization system that allows countries to concentrate on the most effective policies and optimal solutions that produce the greatest impact for the greatest number of people in the shortest amount of time, thereby accelerating the pace of progress.

The 2024 High-Level Political Forum, which is being held at the United Nations headquarters in New York from July 8 to 18, is being attended by the Saudi delegation. The event is being held under the slogan "Promoting the 2030 Agenda concerned with sustainable development and eliminating poverty in light of multiple crises."

Saudia Group to Acquire 100 Lilium eVTOL Jets, Pioneering Regional Air Mobility in MENA Region

Saudia Group will become the first aviation company in the Middle East and North Africa region to acquire 100 eVTOL aircraft from Lilium due to the agreement. Spa

On July 18, the Saudia Group executed an agreement to acquire 100 electric vertical takeoff and landing (eVTOL) jets from Lilium. This German company is a pioneer in Regional Air Mobility (RAM) and a prominent electric aircraft manufacturer.

The agreement encompasses 50 confirmed aircraft and 50 optional aircraft.

According to Aviation International News, the agreement, which will establish Saudia as the first aviation company in the Middle East and North Africa region to acquire 100 eVTOL jets from Lilium, is a continuation of the memorandum of understanding that was signed between the Saudia Group and the Germany-based air taxi developer during the Future Investment Initiative conference in Riyadh in October 2022.

As per the agreement, the Saudia Group is expected to receive its first electric aircraft in the fourth quarter of 2026, which coincides with the Saudi Private Aviation Company's launch of eVTOL aircraft flights.

The deal includes some of the first completely eVTOL electric aircraft, a revolutionary technology that enables vertical takeoff and landing, eliminating the need for conventional airports. These aircraft can travel a distance of up to 175 kilometers at a speed of up to 250 kilometers per hour, providing individual travelers with substantial time savings. Additionally, they can accommodate six passengers, making them a versatile and efficient mode of transportation.

This agreement will facilitate the provision of additional flights and reduce travel time by up to 90%, including to tourism destinations typically associated with extended travel times. It also provides a practical solution for transportation in congested areas, thereby reducing traffic and saving time. Furthermore, it broadens the selection of premium services available to VIP visitors, ensuring a seamless and luxurious travel experience that will benefit the Kingdom's tourism and business sectors.

The Saudia Group's agreement with Lilium is not just a business deal but a strategic move that aligns with the objectives of the Saudi Vision 2030 and the National Transport and Logistics Strategy. This agreement will contribute significantly to the expansion of the tourism, entertainment, and sports sectors and the transportation of guests from around the globe. It will also support the objective of transporting 330 million passengers and 150 million visits and facilitate the movement of pilgrims during the Hajj and Umrah seasons, consistently accommodating 30 million Umrah performers.