Crown Prince of Saudi Arabia Mohammad bin Salman bin Abdulaziz on Sunday announced the establishment of Riyadh Air.
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, PIF said in a statement on Sunday.
Riyadh Air aims to connect to over 100 destinations around the world by 2030, with Saudi hospitality at its heart.
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, is appointed as Chief Executive Officer.
The airline's senior management will include Saudi and international expertise, the statement said.
Operating from Riyadh as its hub, the airline, it added, will usher in a new era for the travel and aviation industry globally.
"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," it said.
The airline is expected to add USD 20 billion to non-oil GDP growth, and create more than 200,000 direct and indirect jobs.
The airline will be a sovereign wealth fund Public Investment Fund's (PIF) wholly owned company.
"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 statement added.
PIF said 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.
