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RIYADH: Riyadh Air is enhancing the travel experience by leveraging digital technology to simplify bookings and airport procedures, catering to Saudi Arabia’s young and tech-savvy population, its CEO said. 

Speaking at the Public Investment Fund Private Sector Forum, Tony Douglas highlighted Saudi Arabia’s young population, noting its high iOS usage per capita and strong digital-native environment. 

Expected to start operations later this year, the new national carrier — backed by Saudi Arabia’s Public Investment Fund — aims to connect over 100 international cities by 2030 and contribute more than $20 billion to the Kingdom’s economy. 

“We are a new airline unencumbered by legacy,” Douglas said, emphasizing Riyadh Air’s digital-first approach. He compared the airline’s booking experience to e-commerce platforms like Noon.com and Amazon, allowing passengers to bundle multiple tickets in a single transaction. 

Riyadh Air is also exploring biometric verification to replace traditional travel documents. 

“Your face is the transaction receipt. Going forward, the face will be the ticket when you go through the airport,” Douglas said. “Your face then becomes your passport.” 

By integrating facial recognition into airport processes, Riyadh Air aims to streamline passenger journeys and set a new benchmark for digital transformation in aviation. 

The airline has already secured major partnerships, including a deal with Delta Air Lines. Douglas highlighted the speed of the agreement, noting that Delta’s CEO Ed Bastian finalized the partnership within 30 days of visiting Saudi Arabia — an unprecedented timeline in the industry.  

He said the warmth of the Kingdom and the opportunity here played a key role, adding: “We want to bring as many people here directly as possible so they can see for themselves.” 

Riyadh Air has also partnered with Singapore Airlines, known for its industry-leading customer service. 

“We did it again to set the bar absolutely where it should be, with the Kingdom’s new national carrier, working with the global A-listers,” Douglas noted. 

The airline is making significant local investments, including a SR2.3 billion ($613.2 million) catering contract with CATRION and a fuel and sustainability deal with Aramco. 

Riyadh Air’s fleet expansion is underway, with its first Boeing 787-9 Dreamliner, Jamila, set to be joined by additional aircraft later this year.  

“We’re currently engaged in what we would call an extra wide-body campaign,” Douglas said, hinting at an upcoming aircraft order announcement in the second quarter of this year. 

The airline is also prioritizing Saudi talent, with plans to recruit tens of thousands of pilots, cabin crew, and support staff. 

“Wherever possible, where it’s capability driven and commercially appropriate, we will always favor going Saudi first,” Douglas said.   

He positioned Riyadh Air as a key enabler of Saudi Arabia’s Vision 2030, aiming to improve global connectivity and facilitate international business and tourism.   

“Importantly, we want to connect all of you, your friends, your family, your colleagues, to the world, and of course, for the world to have better connectivity to the Kingdom of Saudi Arabia,” he said. 

RIYADH: Saudi Arabia’s efforts to diversify its economy are yielding substantial results, with non-oil sectors now accounting for 52 percent of the country’s total economic activities. Furthermore, the number of foreign companies relocating their regional headquarters to Riyadh has risen to 600.

These statistics were shared by Saudi Investment Minister Khalid Al-Falih at the third PIF Private Sector Forum, which opened in Riyadh on Wednesday.

Al-Falih emphasized that the Kingdom’s economic transformation has been propelled by significant investment growth, with total investment in 2024 expected to reach SR1.2 trillion—almost double the investment levels prior to the launch of Vision 2030.

He further noted that by the end of 2024, Saudi Arabia’s economy is projected to reach SR4 trillion ($1.1 trillion).

“Last year was a very good year. In the private sector and investment domain in general, this is measured by fixed capital formation. Before Vision 2030, the annual rate was around SR642 billion, representing about 22 percent of GDP,” Al-Falih said.

He added: “The Saudi economy has surpassed an important milestone in its diversification journey. We’ve achieved 52 percent of economic activities being entirely non-oil. Even during years when oil-related activities were low due to the Kingdom’s usual production policies, the growth rate of non-oil activities remained steady at 4-6 percent.”

The minister highlighted the increasing role of the private sector in driving investments, noting that in the past, government and oil-related investments were the primary sources of capital inflows.

“In the past, most of the investment came from the government and the oil sector, Aramco and its investments,” Al-Falih explained.

He continued: “Around 72 percent of investments now come from other private sector industries. The fund (PIF) itself directly invests about 12-13 percent of total fixed capital formation, but it plays a crucial role in stimulating other investments.”

Al-Falih also pointed to international recognition of Saudi Arabia’s economic transformation, citing remarks from US President Donald Trump regarding the effectiveness of the PIF.

“Trump, the president of the world’s largest economy and the global leader most focused on economic and investment policy in his country, said that the first step within the first week or two would be to establish a sovereign wealth fund,” he noted.

Al-Falih continued: “The only fund he referenced was the PIF—not only because its returns and global impact are well known through bold initiatives, but also because the American president recognized that the Saudi economy has diversified and grown, making it an economy that investors worldwide are eager to engage with due to its unprecedented stimulative role.”

The minister also highlighted the improved attractiveness of Saudi Arabia as a business hub, with the number of registered investment licenses soaring from 4,000 in 2018-2019 to 40,000 today.

Al-Falih recalled a recent meeting with Nokia, where the company confirmed it would manage operations in 75 countries across Asia, the Middle East, and Africa from its regional headquarters in Riyadh.

“This hub will be connected to their largest global logistics center for product distribution, as well as a research and development center. In the future, we aspire for them to incorporate manufacturing into their operations,” he said.

Foreign investments in Saudi Arabia have surged significantly, with total foreign investment stock reaching SR900 billion—double the amount recorded at the launch of Vision 2030.

Al-Falih also observed that the annual inflow of foreign investments has tripled compared to pre-Vision 2030 levels.

He attributed these achievements to the Kingdom’s legislative improvements, noting that more than 800 regulatory reforms have been introduced to enhance the investment environment.

“With the integrated efforts of all entities, regulators, legislators, the Competitiveness Center, the Ministry of Investment, and others, more than 800 legislative improvements have been introduced, some minor and others fundamental and pivotal,” he said.

These reforms include, but are not limited to, the Civil Transactions Law, the Bankruptcy Law, and the new Companies Law.

Al-Falih underscored that Saudi Arabia’s leadership in digital and industrial transformation has also played a key role in attracting global investors.

“Today, in the Kingdom, the penetration rate of 5G and 6G networks, key drivers for attracting many companies into the heart of the Fourth Industrial Revolution, is double the average in G20 countries and major economic nations,” he stated.

The PIF Private Sector Forum continues to serve as a vital platform for businesses and investors to engage with Saudi Arabia’s evolving economic landscape, reinforcing the country’s commitment to long-term growth and diversification.