Saudi Arabia, one of the most prominent Gulf countries, has announced a new airline – Riyadh Air – on Sunday, March 12, 2023. Saudi Arabia’s Crown Prince Mohammed bin Salman bin Abdulaziz announced the establishment of Riyadh Air, the new national carrier of Saudi Arabia. Middle Eastern nation. The airline will compete against Qatar’s Qatar Airlines as well as UAE’s two major air carriers, Emirates Airline and Etihad Airways. According to Saudi Arabia, the airline will take advantage of the country’s strategic geographic location between the three continents of Asia, Africa and Europe.
The airline is close to announcing a mega billion dollar deal with US-based Boeing Airline. According to sources, Riyadh Air is negotiating a $35 billion deal with Boeing to buy new narrow and wide body aircraft. Riyadh Air aims to connect more than 100 destinations worldwide by 2030, with Saudi hospitality, the airline said, enabling Riyadh to become a gateway to the world and a global destination for transport, trade and tourism , PIF said in a statement.
According to ANI, Riyadh Air will be headed by PIF Governor Yasir Al-Rumayyn, while Tony Douglas, who has over 40 years of experience in the aviation, transport and logistics industries, has been appointed as the chief executive officer. The statement added that the airline’s senior management will include Saudi and international expertise.
“Riyadh Air will be a world-class airline, adopting the global best stability and safety standards across its advanced fleet of aircraft equipped with the latest state-of-the-art technology.” The airline is expected to add US$20 billion to non-oil GDP and create over 200,000 direct and indirect jobs.
The airline will be a Sovereign Wealth Fund Public Investment Fund (PIF) wholly owned company. “As a wholly owned PIF subsidiary, the new national airline is set to benefit from PIF’s investment expertise and financial capabilities, while expanding the company’s operations to become a leading national carrier. New national airline PIF represents the latest investment in the region, alongside the recently announced King Salman International Airport masterplan,” the statement said.
The PIF said the establishment of Riyadh Air is part of its strategy to unlock the potential of promising sectors that can help drive the diversification of the local economy.