Doha: Saudi Arabia announced today the establishment of Riyadh Air, a wholly owned company by the Public Investment Fund (PIF).
HRH Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the PIF, made this announced today, stated the Saudi Press Agency.
The new national carrier, operating from Riyadh as its hub, is set up to leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, and to enable Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism.
The statement added that 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.
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.
The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan.
