Riyadh [Saudi Arabia]March 12 (ANI): Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz on Sunday announced the establishment of Riyadh Air.
The new national carrier will take advantage of Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, making Riyadh the gateway to the world and a global destination for transport, trade and tourism, PIF said on Sunday. said in the statement. ,
Riyadh Air aims to connect more than 100 destinations around the world by 2030, with Saudi hospitality at its heart.
Riyadh Air will be headed by PIF Governor Yasir Al-Rumayyan, while Tony Douglas, who has over 40 years of experience in the aviation, transport and logistics industries, has been appointed as Chief Executive Officer.
The statement added that the airline’s senior management will include Saudi and international expertise.
Operating out of Riyadh as its hub, the airline said it would usher in a new era for the travel and aviation industry globally.
“Riyadh Air will be a world-class airline, adopting the global best stability and safety standards across its advanced fleet of aircraft equipped with the latest state-of-the-art technology,” it said.
The airline is expected to add US$20 billion to non-oil GDP and create over 200,000 direct and indirect jobs.
The airline will be a wholly owned subsidiary of Public Investment Fund (PIF), a sovereign wealth fund.
“As a wholly owned PIF subsidiary, the new national airline is poised to benefit from PIF’s investment expertise and financial capabilities, while expanding the company’s operations to become a leading national carrier. The new national airline represents PIF’s latest investment in the sector alongside the recently announced King Salman International Airport masterplan.
The PIF said the establishment of Riyadh Air is part of its strategy to unlock the potential of promising sectors that can help drive the diversification of the local economy. (ANI)
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