Riyadh: Saudi Arabia announced a new airline, Riyadh Air, on Sunday.
The airline, fully owned by the Public Investment Fund, will be chaired by PIF governor Yasir Al Rumayyan, while Tony Douglas has been appointed CEO. Douglas was earlier CEO of Abu Dhabi-based Etihad Airways.
With its hub at Riyadh, the airline aims to connect to over 100 destinations by 2030.
The carrier is expected to add $20 billion to non-oil GDP growth, and create more than 200,000 direct and indirect jobs.
“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,” the Saudi Press Agency said in a statement.
