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Riyadh Air, a wholly owned subsidiary of the Public Investment Fund in Saudi Arabia, was established today.
The Saudi Press Agency reported that HRH Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the PIF, made this announcement today.
The new national carrier, with Riyadh as its hub, is designed to take advantage of Saudi Arabia’s strategic geographic location between Asia, Africa, and Europe and to help the city develop into a major hub for international travel, trade, and tourism.
The statement also noted that Tony Douglas, who has more than 40 years of experience in the aviation, transportation, and logistics industries, has been named CEO of Riyadh Air and will serve as its chairman in addition to His Excellency Yasir Al-Rumayyan, Governor of PIF. Saudi and international experience will be present in the airline’s senior management.
The world’s best sustainability and safety standards will be adopted by Riyadh Air’s advanced fleet of aircraft, which will be outfitted with the most cutting-edge technology. The airline is anticipated to increase non-oil GDP growth by USD20 billion and generate more than 200,000 direct and indirect jobs.
The newly launched King Salman International Airport masterplan and the new national airline are PIF’s most recent investments in the industry.
