Saudi Arabia formally announces creation of new national airline, Riyadh Air, as the kingdom moves to compete with regional transport and travel hubs
The Gulf kingdom is pursuing ambitious aviation goals as part of Crown Prince Mohammed bin Salman's wide-ranging"Vision 2030" reform agenda, including more than tripling annual traffic to 330 million passengers by the end of the decade.
Saudi Arabia's Crown Prince Mohammed bin Salman has formally announced the creation of a new national airline, Riyadh Air, with industry veteran Tony Douglas as its chief executive, as the kingdom moves to compete with regional transport and travel hubs. The new airline is expected to add $20 billion to Saudi Arabia's non-oil GDP growth and create more than 200,000 jobs both directly and indirectly, it said.
Riyadh Air is wholly owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund , which has more than $600 billion in assets and is the main driver of the kingdom's efforts to diversify its economy and wean itself off oil.
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