Saudi Arabia's Crown Prince Mohammad bin Salman bin Abdulaziz (MBS) has confirmed the country's new flag carrier will be called Riyadh Air (RXI, Riyadh) amid reports in the Wall Street Journal that the start-up's backer, the Saudi Public Investment Fund (PIF), is nearing a large order with Boeing.

MBS, who serves as the country's prime minister, the chairman of the PIF, and its de facto ruler, did not reveal any further details about Riyadh Air's launch plans other than to say it will to serve 100 destinations mostly in Asia, Africa, and Europe from its Riyadh hub by 2030. In line with the country's Vision 2030 strategy, Riyadh Air will focus on inbound leisure traffic and will also seek to expand outbound connectivity from Saudi Arabia, boost cargo capacity, and turn Riyadh into a leading connecting hub.

Despite earlier rumours about his departure from the company, Tony Douglas remains Riyadh Air's chief executive having left regional rival Etihad Aviation Group. Yasir Al-Rumayyan, the governor of PIF, will be Riyadh Air's board chairman. Douglas has since said he expects a first widebody jet to arrive in early 2025. In a statement to Saudi Arabia's Argaam news agency, he said the carrier will soon announce its first aircraft orders, noting that the volume of the order will be large, and will reflect its global aspirations.

While the Prime Minister's announcement did not make any mention about the start-up's fleet, the Wall Street Journal said a deal with Boeing is imminent and could be announced shortly. However, the report did not specify the number or types of aircraft that Riyadh Air may acquire. Last year, Reuters said the start-up would add up to forty widebodies (at that time, the A350 was the frontrunner). Riyadh Air is expected to launch in 2024. The PIF-funded order could include aircraft for both Riyadh Air and Saudia (SV, Jeddah International).

The start-up will operate alongside state-owned Saudia and will not replace it. However, the current carrier will continue to focus on its Jeddah International, Dammam, and Riyadh bases. The PIF sees a single-hub strategy as a window of opportunity to establish Riyadh Air as a leading connecting carrier competing with the likes of Emirates, Qatar Airways, and Singapore Airlines.