The Kingdom’s Crown Prince Mohammad bin Salman bin Abdulaziz has announced the establishment of a new national airline “Riyadh Air” in Saudi Arabia.
According to the Saudi Press Agency (SPA), Riyadh Air will be a company owned by the Public Investment Fund (PIF) and chaired by Yasir Al-Rumayyan, who is the Governor of PIF. The airline will have a management team consisting of both Saudi and international experts, as reported by SPA.
Tony Douglas, who has over 40 years of experience in the transportation, logistics, and aviation industries, has been named as the CEO of Riyadh Air. He previously served as the CEO of UAE-based airline Etihad from January 2018 to October 2022.
Riyadh Air, the new national airline of Saudi Arabia, will have its hub in the country’s capital city, leveraging the country’s strategic location to improve connectivity for passengers to over 100 destinations by 2030. The airline aims to become a world-class carrier, and its establishment is expected to contribute $20 billion to non-oil GDP growth and create more than 200,000 direct and indirect employment opportunities.
The creation of Riyadh Air is a strategic move by the Public Investment Fund (PIF) to tap into the potential of promising sectors that can aid in diversifying the Saudi economy. This move also aligns with the goals of Vision 2030 to enhance the global competitiveness of the Saudi aviation industry.