‘Riyadh Air,’ Saudi Arabia’s new national carrier, will capitalize on its strategic geographic location between the three continents of Asia, Africa, and Europe, allowing Riyadh to become a global gateway and destination for transportation, trade, and tourism.
Saudi Crown Prince Mohammad bin Salman bin Abdulaziz announced the establishment of Riyadh Air on Sunday. Riyadh Air aims to connect to more than 100 destinations worldwide by 2030, with Saudi hospitality at its core.
Riyadh Air will be chaired by Yasir Al-Rumayyan, governor of PIF, and Tony Douglas, who has over 40 years of experience in the aviation, transportation, and logistics industries, will serve as Chief Executive Officer.
According to the statement, the airline’s senior management will include Saudi and international experts. The airline, which will operate from Riyadh as its hub, will usher in a new era for the travel and aviation industries worldwide, according to the company.
“Riyadh Air will be a world-class airline, adopting the world’s best sustainability and safety standards across its advanced fleet of aircraft equipped with cutting-edge technology,” the company stated.
The airline is expected to contribute USD 20 billion to non-oil GDP growth and to create over 200,000 direct and indirect jobs. The airline will be wholly owned by the Public Investment Fund (PIF), a sovereign wealth fund.
“The new national airline, as a wholly owned PIF subsidiary, will benefit from PIF’s investment expertise and financial capabilities while expanding the company’s operations to become a leading national carrier. Along with the recently announced King Salman International Airport masterplan, the new national airline represents PIF’s latest investment in the sector,” the statement further stated.
PIF stated that the establishment of Riyadh Air is part of its strategy to unlock the capabilities of promising sectors that can help drive local economic diversification.