Pioneering a New Era in Travel Retail and Economic Diversification.
The Public Investment Fund (PIF) has announced the launch of Al Waha Duty-Free Company (Al Waha), marking the establishment of Saudi Arabia’s first nationally owned duty-free retailer. As a wholly owned subsidiary of PIF, Al Waha is set to redefine travel retail in the Kingdom, aiming to secure a greater share of passenger spending and elevate the country’s status as a global travel destination.
Al Waha’s retail strategy will focus on developing high-end duty-free outlets at key travel hubs across Saudi Arabia, including airports, land border crossings, and seaports. These retail spaces will offer a diverse range of premium merchandise, featuring world-renowned brands alongside distinctive Saudi products. Additionally, Al Waha will explore innovative retail solutions, such as inflight shopping, to enhance the overall traveler experience.
Al Waha will emerge as a leader in travel retail, driving a larger share of passenger spending
Majed Al-Assaf, Head of Consumer Goods and Retail in MENA Investments at PIF, emphasized the significance of this initiative: “By establishing Al Waha as a national travel retail champion, PIF is committed to unlocking the potential of Saudi Arabia’s travel retail sector. Al Waha will deliver a premium traveler experience through its extensive product offerings, innovative duty-free operations, and superior digital engagement.”
The initiative supports Saudi Arabia’s ambitions to enhance the travel experience and expand the tourism sector
He added, “There is considerable potential for Saudi Arabia to capture a larger share of global travel retail spending. The continued growth in visitor numbers and the hosting of major international events will create new opportunities to generate sustainable revenue in this sector.”
Al Waha’s launch is part of PIF’s broader strategy to stimulate economic diversification and strengthen key industries. The initiative builds upon PIF’s significant investments in tourism, aviation, and retail, including King Salman International Airport, which aims to be one of the world’s largest airports, accommodating 120 million passengers annually. Additionally, PIF has launched Riyadh Air, Saudi Arabia’s new flagship airline, reinforcing Riyadh’s position as a major international air travel hub.
PIF’s investment in Al Waha aligns with its broader strategy to diversify the economy and create new opportunities in retail and tourism
Further investments include Cruise Saudi, which seeks to transform the Red Sea coastline into a premier global cruise destination, as well as key retail ventures such as the Saudi Coffee Company, Al Madinah Heritage Company, and Sawani, a producer of camel milk products. These strategic initiatives collectively underscore PIF’s commitment to fostering new economic opportunities and reinforcing Saudi Arabia’s position on the global tourism and retail map.
With the launch of Al Waha, PIF is paving the way for a dynamic and competitive travel retail industry, ensuring that Saudi Arabia remains at the forefront of global commerce and tourism growth.
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