Crown Prince unveils new national airline based in Riyadh

Crown Prince unveils new national airline based in Riyadh

RIYADH — Crown Prince and Prime Minister Mohammad bin Salman announced on Sunday the establishment of “Riyadh Air,” a wholly owned company by the Public Investment Fund (PIF). 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 $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