Saudi Crown Prince Mohammed bin Salman Al Saud announced the creation of Ar-Riyadh Airlines, Reuters reports.
According to the publication, by 2030 the carrier plans to establish a connection with more than 100 cities around the world. It has not yet been announced which destinations the flights will operate to.
The oversight of the air carrier will be carried out by the Saudi Arabian Sovereign Fund. The board of directors of the company will include fund manager Yasser al-Rumayan and ex-CEO of the airline from the United Arab Emirates Etihad Airways Tony Douglas.
The company’s management hopes to create worthy competition for regional transport and tourist hubs. The new airline is expected to add $20 billion to Saudi Arabia’s non-oil GDP growth and employ more than 200,000 people.