Saudi authorities exploring potential for new airport in Riyadh
Should the project go ahead, it will serve as a base for a new airline that would also be set-up by the Public Investment Fund
Saudi Arabia is exploring plans to build a new airport in the capital city of Riyadh, a report by Bloomberg has stated. Citing people familiar with the matter, the report noted that should the project go forward, it would serve as a base for a new airline the Public Investment Fund (PIF) is looking to launch, as it targets an increase in tourist arrivals.
Earlier in the year, the $430bn fund said it plans to invest in aviation to help capture the tourist boom envisioned by Crown Prince Mohammed Bin Salman.
The new airline is expected to serve tourists and business travelers, while the Saudi national carrier would focus on religious tourism from its base in Jeddah, the report stated.
The size of the facility and timeline for its construction haven’t been set and the PIF could decide not to move ahead with those plans. Should the project go ahead, it would further the Saudi goal to attract 100m tourists a year by 2030, a six-fold increase from 2019. The project is still in early stages of development, the report noted.
