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FinancialNews
13-03-23
Saudi Crown Prince starts additional national carrier Riyadh Air
(MENAFN) Saudi Crown Prince Mohammed bin Salman on Sunday declared the launch of an additional national airline “Riyadh Air,” entirely possessed by the Public Investment Fund, as reported by the Saudi Press Agency.
The airline pursues to allow Riyadh to become an entry to the world as well as a worldwide destination for shipment, exchange, and tourism.
The airline is going to be ruled by PIF Gov. Yasir Al-Rumayyan whereas Tony Douglas has been hired as its Chief Executive, as mentioned in an announcement released by the nation’s sovereign wealth fund.
Functioning from the Saudi capital as its center, the airline is estimated to raise USD20 billion to the nation’s non-oil gross domestic output expansion and establish higher than 200,000 direct and indirect jobs.
“The new national airline represents PIF’s latest investment in the sector, along with the recently announced King Salman International Airport masterplan,” the statement also mentioned.
“Riyadh Air will also act as a catalyst for the Saudi National Transport and Logistics Strategy and the National Tourism Strategy by boosting air transportation alternatives, increasing cargo capacity, and, as a result, increasing international passenger traffic,” it added.
MENAFN13032023000045014228ID1105759862
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