A new airline company is coming to Saudi Arabia

 Riyadh - The Public Investment Fund plans to set up a new airline in Saudi Arabia. The move is aimed at setting up a large airline that will lie with Saudi Arabia, the national carrier. The new company will operate in both the domestic and international service sectors. 

The Public Investment Fund said the new company was set up to provide more alternative options to travelers. This will help improve service quality, strengthen competition between companies and reduce rates. The Public Investment Fund said the benefit would go to travelers. 

The new company will be able to compete not only with Saudi Arabia but also with other major airlines in the region. The public investment fund, along with other investment partners, will launch the new airline. The final picture related to the company establishment is not yet complete. 

Saudi Arabia plans to increase the number of visitors to Saudi Arabia to 10 million per year by 2030. In this context, it is expected that there will be a huge leap forward in the aviation sector in the coming years.

The establishment of a new airline will also increase the contribution of the aviation sector to the GDP. It is hoped that the establishment of a large competitive airline will increase competition in the aviation industry and increase seat capacity. 

Days ago, Crown Prince Mohammed bin Salman announced the five-year strategy of the Public Investment Fund, which aims to create 1.8 million direct and indirect jobs within five years. By the end of last year, the public investment fund had doubled its assets. At the end of last year, public investment fund assets had risen to 1.5 trillion riyals. Until the end of the third quarter of last year, public investment fund investments directly and indirectly created 3,31,000 jobs. 

The fund will work to achieve a number of goals in the coming years. The most important of these is that at least 15,000 crore riyals will be invested in the local economy every year. The fund will gradually increase investments in the local economy until 2025. Companies under the Public Investment Fund will contribute 1.2 trillion riyals over five years to the GDP from the non-petroleum sector. It also aims to increase fund assets to four trillion riyals by the end of 2025.