Saudi Arabia’s new USD30 billion national carrier - said to be named Riyadh Air (RXI, Riyadh) - is set to launch during the final quarter of the year on regional routes using B737 MAX and A320 Family aircraft, according to unnamed sources cited by ArabianBusiness.
As reported, the venture is backed by the sovereign Public Investment Fund (PIF), which launched its own lessor, AviLease, in July 2022.
Etihad Airways (EY, Abu Dhabi International) Chief Executive Officer Tony Douglas has been tipped as the top choice to head RIA, according to well-placed sources.
RIA forms part of the Kingdom’s USD100 billion investment in aviation flowing from its “Vision 2023” strategy to diversify its economy and become less reliant on oil.
Saudi Arabia reportedly has earmarked USD30 billion for RIA, which will be based out of Riyadh to attract global transfer traffic and tourism, competing with major carriers in the United Arab Emirates, such as Emirates (EK, Dubai International), as well as Qatar Airways (QR, Doha Hamad International).
This will give the Kingdom a dual hub with its existing flag carrier Saudia (SV, Jeddah International) and its budget subsidiary flyadeal based in Jeddah International. Saudia serves domestic and international destinations and international charters during Ramadan and the Hajj season. Its current narrow-body fleet numbers 61 aircraft, including forty-six A320-200s and fifteen A321-200s, with twenty A321-200Ns and fifteen A321-200NY(XLR)s on order from Airbus, the ch-aviation fleets module shows.
