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Saturday, September 23, 2023

Saudi Arabia Announces Creation of New National Company – Riyadh Air

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Riyadh Air, a fully owned subsidiary of the Public Investment Fund, was established on Sunday, according to the announcement made by Saudi Arabia’s Crown Prince and Prime Minister Mohammad Bin Salman (PIF).

The new national carrier will take use of Saudi Arabia’s advantageous geographic positioning between Asia, Africa, and Europe to make Riyadh a gateway to the globe and a major hub for travel, trade, and tourism.

His Excellency Yasir Al-Rumayyan, Governor of PIF, will serve as Chairman of Riyadh Air, while Tony Douglas, who brings more than 40 years of experience to the table in the aviation, transportation, and logistics sectors, has been named Chief Executive Officer.

Saudi and foreign experience will be present in the airline’s senior management.

The airline, which has Riyadh as its headquarters, will start a new era for the global travel and aviation industries. The world’s best sustainability and safety standards will be adopted by Riyadh Air’s modern fleet of aircraft, which will be outfitted with the most cutting-edge technology.

The airline is anticipated to increase non-oil GDP growth by $20 billion and generate more than 200,000 direct and indirect job opportunities.

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