SAUDI Arabia has announced the launching of Riyadh Air, a new national airline that will be wholly owned by the Kingdom of Saudi Arabia’s Public Investment Fund (PIF).
The announcement was made by Crown Prince Mohammad Bin Salman Al Saud, who is also the prime minister and the chairman of PIF, and stated that the airline will take advantage of Saudi Arabia’s strategic location between Asia, Africa, and Europe to become a global gateway.
In line with this, His Excellency (H.E.) Yasir Al-Rumayyan, the governor of PIF, will serve as the company’s chairman, and Tony Douglas, a logistics expert with more than 40 years of experience, has been named the company’s CEO.
The airline will be a top-tier carrier, implementing the world’s best sustainability and safety standards across its modern fleet of aircraft outfitted with cutting-edge technology.
The airline will operate out of Riyadh as its hub and seeks to improve travel for passengers while connecting them to more than 100 locations worldwide by 2030.
Riyadh Air is expected to contribute $20 billion to non-oil GDP growth and generate over 200,000 direct and indirect jobs.
Along with the recently revealed master plan for King Salman International Airport, it is the PIF’s most recent investment in the industry.
Moreover, the airline will enable tourists from all over the world to visit Saudi Arabia’s cultural and natural wonders.
It will also contribute to a more financially resilient aviation ecosystem in Saudi Arabia, enhancing the industry’s global competitiveness in line with vision 2030.
