PIF studies new airport in Riyadh, plans airline launch: report

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) is considering building a new airport in Riyadh, Bloomberg reported, citing unnamed sources familiar with the matter.

The facility is expected to serve as a base for a new airline that the PIF is looking to launch, as it targets a vast increase in tourist arrivals.

The size of the facility and timeline for its construction have not been set yet and the PIF could decide not to move ahead with the plans, the report said.

The new airline would serve tourists and business travelers, while existing flag carrier Saudi Arabian Airlines (Saudia) would focus on the Hajj and Umrah sectors, the sources said.

According to the data available with Argaam, the PIF’s strategy for the next five years – 2021 to 2025 – focuses on 13 strategic sectors, including the aviation sector.