Saudi Arabia to launch Riyadh Air

Saudi Arabia will launch Riyadh Air, a brand new state-owned airline. 

The service will likely be wholly owned by the Saudi sovereign wealth fund, generally known as the Public Funding Fund.

In an announcement Sunday, Saudi crown prince Muhammad bin Salman stated the service aspires to attach its namesake Riyadh with 100 locations globally by an formidable timeline of 2030. 

The crown prince didn’t reveal a focused launch date for the airline, however he did announce that its CEO will likely be Tony Douglas, who in October stepped down as head of Abu Dhabi-based Etihad.

“The brand new nationwide service will leverage Saudi Arabia’s strategic geographic location between the three continents of Asia, Africa and Europe, enabling Riyadh to grow to be a gateway to the world and a worldwide vacation spot for transportation, commerce, and tourism,” reads an announcement from Public Funding Fund. 

The funding is a part of Saudia Arabia’s huge Imaginative and prescient 2030 plan to cut back the dominion’s reliance on oil wealth, partially by rising tourism. The Saudi authorities has designated $1 trillion for the journey and tourism sector by way of 2030. 

On the aviation entrance, the Saudis have additionally unveiled plans for an unlimited, six runway airport close to Riyadh. The King Salman Worldwide Airport grasp plan requires a capability of up 120 million flyers by 2030 and as much as 185 million vacationers by 2050. 

The Saudi state already owns Saudia, an airline based mostly in Jeddah.