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FINANCIAL NEWS
Riyadh signs civil aviation pact with EU
20 Jul 2010
(MENAFN) Saudi Arabia has recently signed an initial draft horizontal agreement with the European Union aimed at strengthening cooperation with the European Union (EU) in the field of civil aviation, SPA reported.
The agreement, which was signed during an official meeting in Brussels, aims to increase traffic between the EU and the Kingdom, with the added hope that it will lead to the establishment of a strategic partnership.
According to Khaled Al-Khaibari, Director of Media and Public Relations at the General Authority of Civil Aviation (GACA), the agreement will also contribute to strengthening the marketing foundation and strategic alliances between European airlines and the Kingdom?s national carriers in order to ensure appropriate investment in air transport.
He pointed out that the horizontal agreement will establish the legal groundwork for creating further bilateral agreements with the EU, which in itself will have a positive impact on the development of trade, tourism, the economy and investment growth.
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