Arab News, Monday, Mar 13, 2023 | Sha'ban 21, 1444
Saudi Crown Prince launches new national carrier Riyadh Air
Saudi Arabia: Saudi Crown Prince
Mohammed bin Salman on Sunday announced the creation of a new national airline
“Riyadh Air,” wholly owned by the Public Investment Fund, the Saudi Press Agency
reported.
The airline seeks to enable Riyadh to become a
gateway to the world and a global destination for transportation, trade, and
tourism.
The airline will be chaired by PIF Gov. Yasir
Al-Rumayyan while Tony Douglas has been appointed its CEO, said a statement
issued by the Kingdom’s sovereign wealth fund.
Operating from the Saudi capital as its hub, the
airline is expected to add $20 billion to the Kingdom’s non-oil gross domestic
product 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,” the statement added.
“Riyadh Air will also act as a catalyst for the
Saudi National Transport and Logistics Strategy and the National Tourism
Strategy by boosting air transportation alternatives, increasing cargo capacity,
and, as a result, increasing international passenger traffic,” it said.
The new airline is the latest in “a huge package
of projects” that will “consolidate our country’s position as an international
hub for aviation and a global logistics center,” Saudi Transport Minister Saleh
Al-Jasser said on Twitter.
The launch of Riyadh Air is part of PIF’s plan to
utilize the capabilities of promising industries and help the Kingdom achieve
its goal of economic diversification. The sovereign fund has more than $600
billion in assets and is the main driver of the Kingdom’s efforts to wean itself
off oil.
Last November officials announced plans for a new
airport in the capital Riyadh — spanning 57 sq. km (22 sq. m) — that is set to
accommodate 120 million travelers per year by 2030 and 185 million travelers by
2050.
The capacity of the existing Riyadh airport is
around 35 million travelers.
Commenting on the launch of the new airline, Saudi
Tourism Minister Ahmed Al-Khateeb wrote on Twitter that the new airline is a
“major breakthrough” and will give a major boost to the Kingdom’s tourism
sector. He said the launch of the airline support “our goal of receive 100
million tourists from all over the world by 2030.”