Saudi Crown Prince Mohammed bin Salman on Sunday announced the establishment of the new national airline 'Riyadh Air'.
According to the Saudi Press Agency, the new airline "Riyadh Air" will be fully owned by the Saudi Public Investment Fund.
The new airline will seek to make the Saudi capital, Riyadh, a gateway to the world and a destination for global trade, tourism, and transportation.
A statement issued by the Public Investment Fund said that the chairman of the airline will be PIF Governor Yasir Roumayan while Tony Douglas has been appointed as its CEO.
The new airline operated from the Saudi capital will add $20 billion to Saudi Arabia's gross national product, excluding oil, and create more than two hundred thousand direct and indirect jobs.
The PIF statement added that Riyadh Air will contribute to the Arab National Transport and Logistics Strategy and the National Tourism Strategy by providing alternative means of Saudi air travel, increasing cargo capacity, and global traffic.
The establishment of Riyadh Air is part of PIF's strategy to leverage the growth potential of Saudi Arabia's emerging industries to achieve the objectives of diversifying the Kingdom's economy.
Saudi Transport Minister Saleh al-Jasser wrote on Twitter that the new airline is the latest in a "package of huge projects" that will strengthen the kingdom's position as a global hub for avi-ash.
Last November, authorities announced plans for a new airport covering 57 square kilometers in the Saudi capital, Riyadh, which will handle 12 million passengers annually by 2030 and 18.5 million by 2050.
The annual capacity of the current Riyadh Airport is three and a half million passengers.
Commenting on the new airline project, Tourism Minister Ahmed Al Khatib wrote on Twitter that the new airline is a major breakthrough and will boost the tourism sector of the country.
According to Ahmed Al-Khatib, the new airline will help to achieve the goal of bringing 100 million passengers from around the world to Saudi Arabia by 2030.