HRH Crown Prince Announces “Riyadh Air” New National Carrier to Further Expand Saudi Aviation Ecosystem Locally and Globally
Riyadh, KSA – 12 March 2023
- Riyadh will be the company’s operational hub, connecting the Saudi capital to over 100 destinations globally.
- The new carrier will acquire modern aircraft with the latest technology and adopt world-class sustainability and safety practices.
- Riyadh Air will usher in a new global travel and aviation era. It will allow tourists from around the world to visit Saudi Arabia’s cultural and natural attractions.
- The airline’s establishment is aligned with PIF’s mandate to enable the aviation ecosystem in Saudi Arabia further.
His Royal Highness 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 wholly owned PIF 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. At the same time, Tony Douglas, who brings over 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 global era for the travel and aviation industry. Riyadh Air will be a world-class airline, adopting the best global 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 will 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 and the recently announced King Salman International Airport masterplan.
Riyadh Air aims to enhance customers’ journeys while connecting them to over 100 destinations worldwide by 2030; by offering an exceptional experience with authentic, warm Saudi hospitality at its heart.
The airline will allow tourists from around the world to visit Saudi Arabia’s cultural and natural attractions. Riyadh Air will also catalyze 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.
Establishing 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.