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FinancialNews


  • 30-06-21

    Saudi Arabia’s Crown Prince plans to launch second national airline

    (MENAFN)Plans to inaugurate a second national airline were proclaimed by Saudi Arabia’s Crown Prince Mohammed bin Salman as part of a broader strategy to become a global logistics hub as it seeks to expand from oil.

    According to official state media, the building of another flag carrier would catapult Saudi Arabia into the 5th rank globally in terms of air transit traffic.

    Prince Mohammad was spearheading a push for Saudi Arabia, the biggest Arab economy and the largest country in the Gulf geographically, to increase non-oil revenues to about 45 billion riyals (USD12 billion) by 2030.

    State news agency SPA reported that making the Kingdom a global logistics hub that includes the development of ports, rail and road networks, would expand the transport and logistics sector’s donation to gross domestic product to 10 percent from 6 percent.

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