Saudi Arabia will start a new national airline with former Etihad CEO Tony Douglas as chief executive, the Saudi News Agency reported Crown Prince Mohammed bin Salman as declaring on Sunday.
The new airline, which will go by the name Riyadh Air, will work to increase connection between the Kingdom and the three continents it shares with Europe, Asia, and Africa.
By 2030, it should provide service to more than 100 locations worldwide.
The PIF will control all of Riyadh Air, which has its headquarters in the nation’s capital.
The Public Investment Fund Governor Yasser bin Othman al-Rumayyan will serve as the board of directors’ chair.
Saudis and foreign personnel will both be represented in the airline’s upper management.
The declaration comes after the King Salman International Airport Master Plan was unveiled in November 2022 for a significant new airport in Riyadh.