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Crown Prince Mohammed bin Salman launches Riyadh Air

by Uganda Times

On Sunday, Crown Prince Mohammed bin Salman of Saudi Arabia announced the launch of a new national airline, Riyadh Air, with Tony Douglas, an industry veteran, as its CEO.

The airline aims to serve more than 100 destinations globally by 2030, using the kingdom’s strategic location between Asia, Africa, and Europe.

The establishment of Riyadh Air is projected to boost Saudi Arabia’s non-oil GDP growth by $20 billion and create more than 200,000 jobs directly and indirectly.

As the travel industry recovers from the pandemic, Riyadh Air will compete with regional carriers like Emirates, Qatar Airways, and Turkish Airlines for passengers.

Riyadh Air is fully owned by the Public Investment Fund, Saudi Arabia’s sovereign wealth fund, which has over $600 billion in assets and is the primary driver of the country’s efforts to diversify its economy away from oil.

In October, Saudi Arabia was in talks with Airbus and Boeing to purchase nearly 40 A350 jets for both Saudia, the state-owned airline, and the new carrier.

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