Saudi wealth fund weighs new airport in Riyadh for tourism drive

Saudi wealth fund weighs new airport in Riyadh for tourism drive

Saudi Arabia is considering building a new airport in the capital city of Riyadh, according to people familiar with the matter, a facility that would serve as a base for a new airline the kingdom's sovereign wealth fund is looking to launch as it targets a vast increase in tourist arrivals. The $430bn fund said earlier this year it plans to invest in aviation to help capture the tourist boom envisioned by Crown Prince Mohammed Bin Salman. The new airline, reported locally earlier this year, would serve tourists and business travelers, while existing flag carrier Saudia would focus on religious tourism from its base in Jeddah, said the people, who asked not to be identified due to the sensitivity of the matter. The Public Investment Fund (PIF) is also exploring the idea of investing billions in a new international airport in Riyadh, according to the people. The size of the facility and timeline for its construction haven't been set and the PIF could decide not to move ahead with those plans. A spokesman for the fund declined to comment on the plans for a new airport in Riyadh. He referred to earlier commitments to invest in the sector and to