( The crown prince of Saudi Arabia announces launching of “Riyadh Air” – New National Carrier to Further Expand Saudi Aviation Ecosystem Locally and Globally on Sunday)
BY TTT NEWS NETWORK
KOLKATA, 13 MARCH 2023:
Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (“PIF”), announced today the establishment of “Riyadh Air,” a PIF wholly owned company. The new national carrier will leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, enabling Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism.
Riyadh Air will be chaired by His Excellency Yasir Al-Rumayyan, Governor of PIF, 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 will include Saudi and international expertise.
Operating from Riyadh as its hub, the airline will usher in a new era for the travel and aviation industry globally. Riyadh Air will be a world-class airline, adopting the global best sustainability and safety standards across its advanced fleet of aircraft equipped with the latest cutting-edge technology. The airline is expected to add USD20 billion to non-oil GDP growth, and create more than 200,000 direct and indirect jobs.
As a wholly owned PIF subsidiary, the new national airline is set to benefit from PIF’s investment expertise and financial capabilities while expanding on the company’s operations to become a leading national carrier. The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan.
Riyadh Air aims to enhance customers’ journey while connecting them to over 100 destinations around the world by 2030; through offering an exceptional experience with an authentic, warm Saudi hospitality at its heart.
The airline will provide tourists from around the world the opportunity to visit Saudi Arabia’s cultural and natural attractions. Riyadh Air will also serve as a catalyst for the Saudi National Transport and Logistics Strategy and the National Tourism Strategy by increasing air transport options, raising cargo capacity and, in turn, growing international passenger traffic.
The establishment of Riyadh Air is part of PIF’s strategy to unlock the capabilities of promising sectors that can help drive the diversification of the local economy. It will enable a more financially resilient aviation ecosystem in Saudi Arabia, supporting the industry’s global competitiveness in line with Vision 2030.
Riyadh Air, is a planned second flag carrier of Saudi Arabia, based in Riyadh, its capital. The airline’s main operational base will be at King Khalid International Airport in Riyadh. The airline is planning to be the largest in the Middle East in terms of revenue, beating Emirates, Qatar Airways, and Etihad Airways. It will operate domestic and international scheduled flights to over 100 destinations in the Middle East, Africa, Asia, Europe, South America and North America. The current announced fleet will consist the Airbus A320, Boeing 737, and Airbus A350s.
According to the Saudi Press Agency (SPA), Riyadh Air will be a company owned by PIF, with Yasir Al-Rumayyan, Governor of PIF, serving as its chairman. Tony Douglas, has been appointed as the CEO. He previously served as the CEO of UAE-based airline Etihad from January 2018 until October 2022. Riyadh Air is set to be a ‘world-class airline’, and is expected to add $20 billion to non-oil GDP growth, and create more than 200,000 direct and indirect jobs
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