Saudi Arabian Crown Prince and Prime Minister Mohammad Bin Salman announced the establishment of Riyadh Air, a wholly owned Public Investment Fund (PIF) company.
The new national airline will take advantage of 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.
Riyadh Air will be headed by His Excellency Yasir Al-Rumayyan, Governor of PIF, while Tony Douglas, who brings more than 40 years of experience in the aviation, transport and logistics industries, has been appointed Chief Executive Officer.
The airline’s senior management will include Saudi and international expertise.
The airline, which operates from Riyadh as a hub, will herald a new era for the travel and aviation industry worldwide. Riyadh Air will be a world-class airline, adopting the world’s best sustainability and safety standards for its advanced fleet of aircraft, equipped with the latest cutting-edge technology.
The airline is expected to add $20 billion in non-oil GDP growth and create more than 200,000 direct and indirect jobs.
As a wholly owned subsidiary of PIF, the new national airline will benefit from PIF’s investment expertise and financial capabilities while expanding the company’s operations to become a leading national airline.
The new national airline represents PIF’s latest investment in the sector, along with the recently announced master plan for King Salman International Airport.
Riyadh Air aims to improve customers’ journey and connect them to over 100 destinations around the world by 2030; through an exceptional experience with authentic, warm Saudi hospitality at its heart.
The airline offers tourists from all over the world the opportunity to visit the cultural and natural attractions of Saudi Arabia.
Riyadh Air will also serve as a catalyst for the Saudi national transportation and logistics strategy and the national tourism strategy by expanding air transportation options, increasing cargo capacity and thereby increasing international passenger traffic.
The creation of Riyadh Air is part of PIF’s strategy to unlock the skills of promising sectors that can help diversify the local economy.
It will enable a more financially resilient aviation ecosystem in Saudi Arabia and support the industry’s global competitiveness in line with Vision 2030.
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