Saudi adds more wings to its aviation sector with a new national airline

Gulf Today Report

The Kingdom of Saudi Arabia on Sunday announced the formation of a new national airline,  which is expected to serve over 100 destinations across the globe by 2030.

The formal announcement of the launch of 'Riyadh Air was' made by Saudi Arabia’s Crown Prince Mohammed Bin Salman

The aviation industry’s veteran Tony Douglas was named Riyadh Air’s chief executive.

The new airline is expected to generate an annual revenue of $20 billion as the kingdom moves to diversify its oil-based economy.

The creation of new airline is also likely to produce about 200,000 jobs directly or indirectly.

Riyadh Air initially is likely to serve Asia, Africa and Europe routes, however, it has to face tough competition for passengers from regional heavyweights like Emirates, Qatar Airways and Turkish Airlines.

The new airlines will be fully owned by Public Investment Fund (PIF), a Saudi Arabia's sovereign wealth fund, which has over $600 billion in assets.