Saudi Crown Prince establishes investment fund for Riyadh Air

New national carrier a strategic move towards Saudi Vision 2030
Saudi Crown Prince establishes investment fund for Riyadh Air
Saudi Crown Prince Mohammed bin Salman (Photo from SPA)

Saudi Prince Mohammed bin Salman, Crown Prince, Prime Minister, and Chairman of the Saudi Public Investment Fund (PIF), announced the establishment of the Public Investment Fund’s investment fund for Riyadh Air, the new national carrier. The move aims to contribute to the development of the aviation sector and enhance the Kingdom’s strategic position, which connects three of the world’s most important continents, Asia, Africa, and Europe, and to work on raising the competitive capabilities of national companies in line with the goals of Saudi Vision 2030.

The company, based in the capital city of Riyadh, aims to apply the best sustainability and safety practices globally adopted in the aviation industry, in addition to providing the latest digital technologies for leadership in this field through its sophisticated fleet of aircraft.

Read more: Saudi announces master plan for new mega airport in Riyadh

Riyadh Airlines aims to launch flights to more than 100 destinations worldwide by 2030, providing exceptional levels of integrated services mixed with authentic Saudi hospitality for passengers.

The launch of Riyadh Airlines will also contribute to providing more opportunities for tourists and visitors from around the world to access the most beautiful tourist and natural sites in the Kingdom, marking a new era in travel and aviation by increasing air transport options in line with the increasing number of travelers to and from the Kingdom.

Enhanced capacity of strategic transport, shipping, and logistics services, will help attract international travelers and connect different continents of the world. Riyadh will become a gateway to the world and a global destination for transport, trade, and tourism, contributing to achieving the national strategic goals of transport and logistics services in the aviation sector.

The establishment of Riyadh Air is in line with PIF’s strategy to unlock the potential of promising local sectors to support economic diversification. It is expected that Riyadh Air will contribute to the non-oil GDP growth of the Kingdom by up to SAR 75 billion and create more than 200,000 direct and indirect job opportunities.

For additional economic news, please click here.

Disclaimer: The content of this article is intended for informational purposes only.It does not constitute advice on tax and legal matters; neither are they financial or investment recommendations. Refer to our full disclaimer policy here.