Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz has announced the creation of a new national airline called Riyadh Air, as per a press release by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia. The airline will have its operational hub in Riyadh and aims to connect the Saudi capital to over 100 global destinations by 2030. The press release highlights that Riyadh’s strategic location between Asia, Africa, and Europe will enable it to become a gateway to the world, supporting transportation, trade, and tourism.
Yasir Al-Rumayyan, Governor of PIF, will chair Riyadh Air, and Tony Douglas, an experienced professional with more than 40 years of experience in aviation, transportation, and logistics industries, has been appointed as CEO. The airline’s management team will include Saudi and international experts, and it will operate with a world-class fleet of advanced aircraft, adhering to the best global sustainability and safety standards. The airline is expected to contribute $20 billion to non-oil GDP growth and generate over 200,000 direct and indirect job opportunities.
Riyadh Air is a wholly-owned subsidiary of PIF and will benefit from its investment expertise and financial capabilities. The airline’s establishment is part of PIF’s strategy to unlock the potential of promising sectors that can drive the diversification of the local economy. It will create a more financially resilient aviation ecosystem in Saudi Arabia, enhancing the industry’s global competitiveness in line with Vision 2030.