Saudi Arabia airport.
PHOTO BY ARCHIVE
The Kingdom of Saudi Arabia announced the creation of a new national airline on Sunday (March 12), with plans for it to serve more than 100 places worldwide by 2030.
Saudi Arabia’s Crown Prince Mohammed Bin Salman officially announced the opening of “Riyadh Air.”
Tony Douglas, a veteran of the aviation sector, has been appointed as Riyadh Air’s chief executive.
As the kingdom works to diversify its oil-based economy, the new airline is anticipated to produce $20 billion (about Dh73 billion) in revenue annually.
Over 200,000 jobs will likely be created directly or indirectly due to the establishment of new airlines.
Although Riyadh Air initially plans to fly to destinations in Asia, Africa, and Europe, it will have to compete fiercely for passengers with regional powerhouses like Emirates, Qatar Airways, and Turkish Airlines.
The Public Investment Fund (PIF), a sovereign wealth fund of Saudi Arabia with assets worth over $600 billion (about Dh2 trillion), will own all the new airlines. KD/Expat Media
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