RIYADH – Saudi Arabia has announced launching a national flag carrier as Saudi Crown Prince Mohamed bin Salman aims to expand the revenue stream of the kingdom.
Named ‘Riyadh Air’, the airline will be owned by the Public Investment Fund(PIF) and seeks to make Riyadh a gateway to the world and a global destination for transportation, trade, and tourism besides portraying the kingdom in a favourable light in the aviation world.
As per official details shared on Sunday, the airline will be chaired by PIF Gov. Yasir Al-Rumayyan while its Chief Executive Officer is Tony Douglas; the flag carrier aims to fly off to 100 destinations by 2030.
The airline would operate from Riyadh and is expected to add $20 billion to the Kingdom’s non-oil gross domestic product growth besides creating job oppurtunities for over 200,000 people.
“The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan,” a statement by sovereign wealth fund added.
Saudi Transport Minister Saleh Al-Jasser commented on the development that the new airline was the latest in a huge package of projects that will consolidate our ‘country’s position as an international hub for aviation’.
The kingdom is making efforts to shift its focus away from oil and its sovereign fund has more than $600 billion in assets and is being utilized to diversify the income sources of Riyadh. The kingdom is focusing especially on the tourism sector to attract globetrotters from across the world as oil deposits are fast depleting.
The announcement of Riyadh Air comes months after officials announced plans for a new airport in the capital Riyadh which would span 57 sq. km and will accommodate 120 million travelers per year by 2030 and 185 million travelers by 2050.
