Riyadh Air, a brand-new national airline, has been launched by Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz.
The corporation will have its operating hub in Riyadh, which will link the Saudi capital to more than 100 locations across the world by 2030, according to a press release from the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia.
The news statement stated that, “The new national carrier would take advantage of Saudi Arabia’s advantageous geographic location between the three continents of Asia, Africa, and Europe to make Riyadh a gateway to the globe and a major hub for travel, trade, and tourism.”
Yasir Al-Rumayyan, Governor of PIF, will serve as Chairman of Riyadh Air, and Tony Douglas, who brings more than 40 years of experience to the table in the aviation, transportation, and logistics sectors, has been named Chief Executive Officer. Saudi and foreign experience will be present in the airline’s senior management.
The world’s best sustainability and safety standards will be adopted by Riyadh Air’s modern fleet of aircraft, which will be outfitted with the most cutting-edge technology. The airline is anticipated to generate more than 200,000 direct and indirect jobs in addition to $20 billion in additional non-oil GDP development for Saudi Arabia.
“As a fully owned subsidiary of PIF, the new national airline will get access to PIF’s financial resources and investment know-how as it grows its operations to become a major national carrier.”
Together with the newly revealed master plan for King Salman International Airport, the new national airline is PIF’s most recent investment in the industry, according to the press release.
According to PIF, the launch of Riyadh Air is a component of its plan to develop the potential of emerging industries that have the potential to support regional economic diversification.
It would make Saudi Arabia’s aviation ecosystem more financially stable and promote the sector’s international competitiveness in line with Vision 2030.