Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz has recently announced the creation of a new national airline called Riyadh Air. This airline will be based in Riyadh, the capital of Saudi Arabia, and is expected to connect the city to more than 100 destinations worldwide by 2030. The airline is set to become a global transportation, trade, and tourism hub, leveraging Saudi Arabia’s strategic location between the continents of Asia, Africa, and Europe.
According to a press release from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, 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 be the Chief Executive Officer. The airline’s senior management team will consist of both Saudi and international experts.
Riyadh Air is committed to being a world-class airline, and will adopt the highest safety and sustainability standards across its advanced fleet of aircraft, which will feature cutting-edge technology. The airline is expected to contribute $20 billion to Saudi Arabia’s non-oil GDP growth and create more than 200,000 direct and indirect jobs.
The airline will be a wholly-owned subsidiary of PIF, and will benefit from the fund’s investment expertise and financial capabilities. PIF’s investment in the airline is part of its strategy to diversify the local economy by unlocking the potential of promising sectors. Riyadh Air will create a more financially resilient aviation ecosystem in Saudi Arabia, supporting the industry’s global competitiveness in line with Vision 2030.
Overall, the creation of Riyadh Air is a significant step forward for Saudi Arabia’s economy and aviation industry. By leveraging its strategic location and investing in world-class infrastructure and expertise, the airline is expected to become a major player in the global aviation market. The airline is expected to create significant economic opportunities for the region and contribute to the country’s overall growth and development.