Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz has announced the establishment of a new national airline, Riyadh Air.
According to a press release issued by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, Riyadh will be the company’s operational hub, and will connect the Saudi capital to over 100 destinations globally by 2030.
“The new national carrier will leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, enabling Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism,” the press release said.
Riyadh Air will be chaired by Yasir Al-Rumayyan, Governor of PIF, while Tony Douglas, who brings more than 40 years of experience in the aviation, transportation and logistics industries, has been appointed Chief Executive Officer. The airline’s senior management will include Saudi and international expertise.
Riyadh Air will be a world-class airline, adopting the global best sustainability and safety standards across its advanced fleet of aircraft equipped with the latest cutting-edge technology. The airline is expected to add $20 billion to non-oil GDP growth of Saudi Arabia, and create more than 200,000 direct and indirect jobs.
“As a wholly owned PIF subsidiary, the new national airline is set to benefit from PIF’s investment expertise and financial capabilities while expanding on the company’s operations to become a leading national carrier. The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan,” the press release added.
PIF said that the establishment of Riyadh Air is part of its strategy to unlock the capabilities of promising sectors that can help drive the diversification of the local economy. It will enable a more financially resilient aviation ecosystem in Saudi Arabia, supporting the industry’s global competitiveness in line with Vision 2030.
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