Riyadh Air will be led by CEO Tony Douglas, an ex-Etihad executive, and is wholly owned by sovereign wealth fund PIF.
The Saudi airline hopes to operate to more than 100 destinations by 2030.
Riyadh Air will generate up to $20 billion for Saudi Arabia’s non-oil GDP growth through tourism and trade, state news agency SPA said.
The airline will be based at Riyadh’s King Khalid International Airport.
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