The new airline will be called Riyadh Air. The company aims to improve communication between Saudi Arabia and the three continents in which it is located: Asia, Europe and Africa, reports Al Arabiya. The airline is expected to add $20 billion to the national GDP and create more than 200,000 direct and indirect jobs, the State Investment Fund (PIF) said in a statement. By 2030, it will serve more than 100 destinations around the world. Riyadh Air will be based in the capital and will be wholly owned by PIF.
Yasser bin Osman al-Rumayyan, manager of the Public Investment Fund, will head the company’s board of directors. The airline’s senior management will include both Saudis and expatriates. The announcement follows the November 2022 unveiling of a master plan for a major new airport in Riyadh, King Salman International Airport.
The previous Sunday, it was reported that Saudi Arabia would buy Boeing jets from the US for $35 billion.