Crown Prince announces establishment of PIF’s Riyadh Air

Crown Prince Mohammed bin Salman bin Abdulaziz

Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF), announced today, March 12, the establishment of the new national carrier, Riyadh Air, which is wholly owned by the sovereign wealth fund.

The new national carrier will leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, and enhance competitive ability of national peers in line with the Vision 2030 goals, according to a PIF statement.

Operating from Riyadh as its hub, Riyadh Air will be a world-class airline, adopting the global best sustainability and safety standards across its advanced fleet of aircraft equipped with the latest cutting-edge technology.

The new carrier’s senior management will include Saudi and international experts. It will be chaired by Yasir Al-Rumayyan, Governor of PIF. Tony Douglas, who brings more than 40 years of experience in the aviation, transportation and logistics industries, was appointed as Chief Executive Officer.

As a wholly owned PIF subsidiary, Riyadh Air is set to benefit from the fund's investment expertise and financial capabilities while expanding on the company’s operations to become a leading national carrier.

Riyadh Air aims to enhance customers’ journey while connecting them to over 100 destinations around the world by 2030; through an exceptional experience with authentic, warm Saudi hospitality at its heart.

The airline will provide tourists from around the world the opportunity to visit Saudi Arabia’s cultural and natural attractions. Riyadh Air will also serve as a catalyst for the Saudi National Transport and Logistics Strategy and the National Tourism Strategy by increasing air transport options, raising cargo capacity and, in turn, growing international passenger traffic.

The new subsidiary aligns with the PIF’s strategy to unlock the capabilities of promising sectors that can help drive the diversification of the local economy. The airline is expected to add $20 billion to non-oil GDP growth, and create more than 200,000 direct and indirect jobs.

The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan.