Saudi Arabia’s Crown Prince Muhammad bin Salman bin Abdul Aziz has inaugurated Riyadh Air, a brand-new national airline.
According to a press release from the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, the corporation will have its operating hub in Riyadh, which would connect the Saudi capital to more than 100 destinations across the world by 2030.
According to the news release, the new national carrier will use Saudi Arabia’s advantageous geographic location between the three continents of Asia, Africa, and Europe to make Riyadh a global gateway and significant hub for travel, trade, and tourism.
Riyadh Air’s Chairman will be Yasir Al-Rumayyan, Governor of PIF, and Tony Douglas, who has more than 40 years of expertise in the aviation, transportation, and logistics sectors, has been designated Chief Executive Officer. The airline’s senior management will have both Saudi and foreign experience.
Riyadh Air’s new fleet of aircraft, which will be furnished with cutting-edge technology, will adhere to the world’s greatest sustainability and safety requirements. The airline is expected to create more than 200,000 direct and indirect jobs, as well as $20 billion in non-oil GDP development for Saudi Arabia.
As a fully owned subsidiary of PIF, the new national airline will receive access to PIF’s financial resources and investment know-how as it builds its operations to become a significant national carrier. According to the press release, the new national airline is PIF’s most recent investment in the industry, together with the recently disclosed masterplan for King Salman International Airport.
The establishment of Riyadh Air is part of PIF’s strategy to develop the potential of emerging sectors that can support regional economic diversification. It will strengthen Saudi Arabia’s aviation ecosystem and boost the sector’s international competitiveness, in line with Vision 2030.