- Agreement supports plan to transform Saudi Arabia into a global aviation hub
- PIF-owned airline is expected to add $20 billion to non-oil GDP growth and create more than 200,000 direct and indirect jobs
- Deal aligns with PIF’s focus on unlocking key sectors and supporting the diversification of the Saudi economy
PIF-owned Riyadh Air – the newly launched national carrier that will leverage Saudi Arabia’s strategic location between Asia, Africa and Europe – has announced an order of up to 72 Boeing 787-9 Dreamliner airplanes in a multi-billion dollar deal.
The unprecedented order for a new airline includes 39 confirmed aircraft with an option to acquire 33 additional wide-body 787-9 Dreamliner airplanes, highlighting Saudi Arabia’s ambitions to become a global aviation hub.
Altogether, national carriers announced their intent to purchase up to 121 787 Dreamliners in what will be the fifth largest commercial order by value in Boeing’s history. This will support Saudi Arabia’s goal of serving 330 million passengers and attracting 100 million visits per year by 2030.
Riyadh Air is set to add $20 billion to Saudi Arabia’s GDP growth and create more than 200,000 direct and indirect domestic jobs.
His Excellency Yasir Al-Rumayyan, Governor of PIF and Chairman of Riyadh Air, said: “This is a momentous day for PIF and Riyadh Air, and highlights our determination to significantly extend Saudi Arabia’s connectivity with the world. Our stated commitment is to create a world-class airline and this partnership with Boeing in building the fleet is the next step in achieving the aspirations of Saudi Arabia as a global transportation hub. We look forward to fostering strong strategic relationships within the wider aviation ecosystem as we continue to shape the new airline to become one of the leading carriers around the world.”
Stan Deal, President and CEO of Boeing Commercial Airplanes, said: “This is a significant order that will support Riyadh Air’s commitment to deliver a world-class travel experience, while supporting American aerospace manufacturing jobs at Boeing and across our supply chain.”
Tony Douglas, CEO of Riyadh Air, said: “The new airline reflects the ambitious vision of Saudi Arabia to be at the core of shaping the future of global air travel and be a true disrupter in terms of guest experience.”
In line with PIF’s focus on unlocking key sectors and supporting the diversification of the Saudi economy, the new airline will also assist the Saudi Aviation Strategy, and enable the National Tourism Strategy by promoting the country’s tourism credentials and creating new jobs.
