Riyadh, 12 March 2023

Saudi Arabia’s Prime Minister and Chairman of the Public Investment Fund (PIF), Crown Prince Mohammad bin Salman bin Abdulaziz,  announced  establishment of ‘Riyadh Air’ a PIF wholly owned company.

The new national carrier will leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, enabling Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism.

Riyadh Air will be chaired by Yasir Al-Rumayyan, Governor of PIF, while Tony Douglas, who brings more than 40 years of experience in the aviation, transportation and logistics industries, has been appointed Chief Executive Officer. The airline’s senior management will include Saudi and international expertise.

Operating from Riyadh as its hub, the airline will usher in a new era for the travel and aviation industry globally. 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 airline is expected to add USD 20 billion to non-oil GDP growth, and create more than 200,000 direct and indirect jobs.

As a wholly owned PIF subsidiary, the new national airline is set to benefit from PIF’s investment expertise and financial capabilities while expanding on the company’s operations to become a leading national carrier. The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan.

Riyadh Air aims to enhance customers’ journey while connecting them to over 100 destinations around the world by 2030; through offering an exceptional experience with an 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 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. It will enable a more financially resilient aviation ecosystem in Saudi Arabia, supporting the industry’s global competitiveness in line with Vision 2030.

In March this year, Riyadh Air,  announced an order of up to 72 Boeing 787-9 Dreamliner airplanes in a multi-billion dollar deal. This unprecedented order for a new carrier – 39 confirmed aircraft with an option to acquire 33 additional wide-body 787-9 Dreamliner airplanes – is a strong signal of intent for Saudi Arabia to become a global aviation hub.

This agreement is part of Saudi Arabia’s wider strategic plan to transform the country into a global aviation hub. In total, national carriers today announced their intent to purchase up to 121 787 Dreamliners in what will be the fifth largest commercial order by value in Boeing’s history.

This will support the country’s goal of serving 330 million passengers and attracting 100 million visits by 2030.

Tony Douglas, former Group CEO of Abu Dhabi based Etihad Aviation Group is CEO of Riyadh based Riyadh Air.