Riyadh – Mubasher: Crown Prince Mohammad bin Salman bin Abdulaziz, Saudi Arabia’s Prime Minister and Chairman of the Public Investment Fund (PIF), announced the establishment of Riyadh Air as a PIF wholly owned company.
The new national carrier aims to enhance the Kingdom’s strategic geographic location between Asia, Africa, and Europe, according to a press release.
The new entity will further enable the Saudi capital Riyadh to become an operational hub and the gateway to more than 100 destinations across the world by 2030 while being a global destination for transportation, trade, and tourism.
Governor of PIF, Yasir Al Rumayyan, will chair Riyadh Air and the CEO has been named as Tony Douglas, who has over 40 years of experience in the aviation, transportation, and logistics sectors. Furthermore, the airline’s senior management will include Saudi and international expertise.
Riyadh Air is projected to add $20 billion to non-oil gross domestic product (GDP) growth and create more than 200,000 direct and indirect job vacancies.
The new national airline is PIF’s latest investment in the aviation sector, aligning with the recently announced King Salman International Airport masterplan. It will also boost the industry’s global competitiveness under the Vision 2030.
Over the past months, PIF announced investments in several sectors including $1.30 billion in construction, besides the establishment of Aseer Investment Company (AIC) and other regional companies that followed an investment in the Egyptian market.