Mohammad bin Salman bin Abdulaziz, Saudi Arabia’s Prime Minister and Chairman of the Public Investment Fund (PIF), has announced the founding of Riyadh Air, a wholly-owned subsidiary of PIF.
The new national carrier will capitalize on Saudi Arabia’s advantageous geographic location between Asia, Africa, and Europe, allowing Riyadh to become a worldwide gateway and destination for transit, trade, and tourism.
Riyadh Air will be chaired by Yasir Al-Rumayyan, Governor of PIF and Chairman of English Premier League team Newcastle United, while Tony Douglas, who brings more than 40 years of experience in the aviation, transportation and logistics industries, has been appointed Chief Executive Officer. The airline’s senior management team will be comprised of Saudi and international specialists.
The airline is estimated to contribute $20 billion to non-oil GDP growth
The airline, with Riyadh as its hub, will usher in a new era for the global travel and aviation industries. Riyadh Air will be a world-class airline, implementing worldwide best practices in sustainability and safety across its modern fleet of aircraft outfitted with cutting-edge technology. The airline is estimated to contribute $20 billion to non-oil GDP growth and to create over 200,000 direct and indirect jobs.
Together with the newly announced King Salman International Airport master plan, the new national airline is PIF’s latest investment in the sector. Riyadh Air promises to improve customers’ experiences while linking them to over 100 destinations worldwide by 2030, providing an extraordinary experience centered on authentic, warm Saudi hospitality. Riyadh Air will also act as a catalyst for the Saudi National Transport and Logistics Strategy and the National Tourism Strategy by expanding air transportation alternatives, increasing cargo capacity, and, as a result, increasing international passenger traffic.