Saudi Arabia Unveils Their New Airline, Riyadh Air

Saudi Arabia has announced the launch of a new airline to rival other airlines in the Gulf region.

A new national airline for Saudi Arabia has been established, and Tony Douglas, a seasoned businessman, will serve as its CEO. By 2030, the new airline hopes to connect 100 locations by taking advantage of Saudi Arabia's advantageous geographic position between the three continents of Asia, Africa, and Europe. Crown Prince Mohammad bin Salman bin Abdulaziz made the statement on Sunday.

The Public Investment Fund will own the airline in its entirety, and Yasir Al-Rumayyan, the PIF governor, will serve as its chairman. Tony Douglas, a former executive at Etihad Aviation Group, has been named CEO.

In addition to adding $20 billion to Saudi Arabia's non-oil growth, the airline is predicted to generate more than 200,000 direct and indirect jobs. The headquarters of Riyadh Air will be in the Saudi capital, and both Saudi and foreign experience would be present in the senior management.

The existing main airlines in the region, Emirates, Etihad, and Qatar Airlines, may face difficulties as a result of Saudi Arabia's objectives. The newly established aircraft corporation is anticipated to increase non-oil GDP growth by USD 20 billion and generate more than 200,000 direct and indirect jobs.

According to a Bloomberg story from October, the PIF is in discussions with Boeing Co. and Airbus SE contemplating orders for roughly 80 jets, the first aircraft purchases for a new national airline. This week, The Wall Street Journal claimed that a $35 billion order for Boeing Co. jets is about to be finalized by the fund.