Riyadh: Saudi Arabian Crown Prince Mohammed bin Salman bin Abdulaziz Al Saud Sunday announced the launch of a new national airline, Riyadh Air, the Saudi Press Agency (SPA) reported.
Riyadh Air seeks to enable Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism.
The airline, fully owned by the Kingdom's Public Investment Fund (PIF), is expected to add $20 billion to non-oil GDP growth and create more than 200,000 direct and indirect jobs, the SPA said in a report on Sunday.
It added that the new national carrier will "leverage Saudi Arabia's strategic geographic location between the three continents, enabling Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism".
As it was named, the new airline will operate from Riyadh as its hub, according to the SPA as quoted by Xinhua news agency report.
Last November officials announced plans for a new airport in the capital Riyadh, spanning 57 sq. km (22 sq. m), that is set to accommodate 120 million travelers per year by 2030 and 185 million travelers by 2050.
The capacity of the existing Riyadh airport is around 35 million travelers.
The Kingdom's flag carrier SAUDIA uses Jeddah, the second-largest city in Saudi Arabia, as its main hub.
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