Saudi Arabia is establishing a new state-owned airline called Riyadh Air, announced on Sunday Saudi Crown Prince Mohammed bin Salman, prime minister and de facto head of state of the conservative Sunni kingdom. According to the information, the CEO of the airline will be industry veteran Tony Douglas.
According to the Saudi news agency SPA, Riyadh Air will serve more than a hundred destinations worldwide by 2030, taking advantage of the kingdom’s geographic location between Asia, Africa and Europe.
The launch of the airline is expected to contribute an additional $20 billion to Saudi Arabia’s non-oil GDP growth and create more than 200,000 new jobs.
Riyadh Air is wholly owned by the Saudi sovereign wealth fund (PIF). With over $600 billion in assets, the PIF is the main driving force behind the diversification of the Sunni kingdom’s oil-export-based economy.
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