Saudi Arabia to launch new airline to compete with Emirates
Saudi Arabia is finalizing details for the launch of its new international airline that aims to compete with Emirates, sources told the Arabian Business.
The Kingdom has been working on the launch for the past 12 months, with the new venture backed by the Saudi Public Investment Fund (PIF).
→ Emirates and United Airlines will announce a codeshare agreement.
Sources close to the FIP said that “RIA” could be the name of the new company. Once launched, it will become Saudi Arabia’s second national airline, and will be based in Riyadh. The current SAUDIA operates from Jeddah.
Part of the country’s plan is to invest $100 billion in the aviation sector over the next eight years, most of which will go toward establishing a new national airline serving global routes.
“We are talking about a new airline that aims to do what Emirates did in a quarter of the time. It is unprecedented in aviation history. That’s also why they have yet to appoint an executive director. Whoever takes this job will have to meet the most ambitious goals he can imagine,” the sources said.
→ Finnair partners with Qatar Airways and launches 3 new routes to Doha.
Saudi Arabia is targeting 30 million international transit passengers by 2030, compared with fewer than four million currently. Sources suggest this will mean the new airline will eventually need to operate more than 150 routes globally, in Europe, North America, South America, Africa and Asia. Emirates currently flies to 158 destinations in 85 countries.
“Right now about 60% of all air traffic to Saudi Arabia comes from the Middle East. Asia-Pacific is around 20% and Africa only 10%; this is where the huge potential is,” added the source.
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