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Saudi Arabia announced it had created a new national airline, and it was the country’s own Crown Prince Mohammed bin Salman who formally inaugurated “Riyadh Air” on Sunday, March 12.
According to Reuters, Tony Douglas was appointed as the new airline’s chief executive officer. It was reported that the air passenger carrier was formed as the kingdom made its move to compete with transport and travel hubs.
With the addition of a new airline to options for travelers, it was predicted that passengers may face tougher decisions as Riyadh Air is competing with some of the leading regional carriers such as Emirates, Turkish Airlines, and Qatar Airways.
In any case, Riyadh Air is wholly owned by the kingdom’s sovereign wealth fund, the Public Investment Fund (PIF), which reportedly possesses more than $600 billion in assets. The PIF also serves as the main driver of Saudi Arabia’s efforts to expand its economy through diversification and slowly lessen its dependence on oil.
Riyadh Air is expected to operate its business by providing transport service to more than 100 destinations around the world by 2030. It will take advantage of the kingdom’s location, which strategically sits between Europe, Asia, and Africa, to offer the routes to travelers.
Once in full operation, the new national airline is expected to boost Saudi Arabia’s non-oil GDP growth by adding $20 billion and creating over 200,000 jobs. Meanwhile, Alarabiya News reported that the kingdom is now home to two national airlines as both Riyadh Air and Saudia Airlines are both serving as its official flag carriers. The former was not created to replace the latter but to work alongside to help boost the economy.
"The establishment of 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.," the airline said in a press release. "It will enable a more financially resilient aviation ecosystem in Saudi Arabia, supporting the industry’s global competitiveness in line with Vision 2030."
