Saudi Arabia Launches New National Airline

 On November 18, 2022, Saudi Arabia's Crown Prince and Prime Minister Mohammed bin Salman Al Saud attended the APEC Leader's Informal Dialogue with Guests during the APEC 2022 in Bangkok, Thailand.

On March 13, according to Reuters, the Crown Prince announced the creation of a new national airline called Riyadh Air. Tony Douglas, an industry veteran, will serve as its chief executive. Riyadh Air aims to serve more than 100 destinations around the world by 2030, taking advantage of Saudi Arabia's strategic location between Asia, Africa, and Europe. The airline is expected to contribute $20 billion to Saudi Arabia's non-oil GDP growth and create over 200,000 jobs.

Riyadh Air, which is wholly owned by Saudi Arabia's sovereign wealth fund, the Public Investment Fund, will face stiff competition from regional heavyweights such as Emirates, Qatar Airways, and Turkish Airlines as the travel industry rebounds from the pandemic.

According to industry sources, Saudi Arabia was in advanced talks to order almost 40 A350 jets from Airbus in October, with Boeing also vying for a share of the kingdom's transportation expansion. Saudia, the state-owned Saudi Arabian Airlines, is reportedly in discussions with both Boeing and Airbus for orders for itself and the new airline.

Riyadh Air is part of the Crown Prince's efforts to diversify Saudi Arabia's economy and reduce its dependence on oil.