• Saudi Crown Prince announced the establishment of Riyadh Air
• The airline will be owned by Public Investment Fund (PIF)
• The carrier will operate from its hub in Riyadh

RIYADH: Kingdom of Saudi Arabia Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz announced the establishment of the new national carrier Riyadh Air.

According to Saudi Press Agency, the new national carrier will be wholly owned by the Public Investment Fund (PIF) and will operate from its hub in the Saudi capital Riyadh.

A statement by the sovereign wealth fund said the airline will leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, and enhance competitive ability of national peers in line with Vision 2030 goals.

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.

The new carrier’s senior management will include Saudi and international experts. It will be chaired by Governor PIF Yasir Al-Rumayyan, while Tony Douglas has been appointed as Chief Executive Officer.

As a wholly-owned PIF subsidiary, Riyadh Air is set to benefit from the fund’s investment expertise and financial capabilities while expanding on the company’s operations to become a leading national carrier.

Riyadh Air aims to connect passengers to over 100 destinations around the world by 2030. The airline will provide tourists with an opportunity to visit the cultural and natural attractions of Saudi Arabia.

Riyadh Air will also serve as a catalyst for the Saudi National Transport and Logistics Strategy and the National Tourism Strategy by increasing air transport options, raising cargo capacity, and growing international passenger traffic.

The statement said the airline aligns with the PIF’s strategy to unlock capabilities of promising sectors that can help drive the diversification of the local economy.

The airline is expected to add $20 billion to non-oil GDP growth and create more than 200,000 direct and indirect jobs.

The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan.

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