The $430 billion fund is being planned to invest in aviation to help capture the tourist boom envisioned by Crown Prince Mohammed Bin Salman.
The new airline would serve tourists and business travelers, while the Saudi national carrier would focus on religious tourism from its base in Jeddah.
The size of the airport and timeline for its construction hasn’t been decided yet.
The project would further advance Saudi Arabia’s goal to attract 100 million tourists every year by 2030, marking a six-fold increase from 2019. The project is still in its early stages of development.
This project is in line with Crown Prince Mohammed Bin Salman’s strategy to branch out the economy from a dependence on oil sales, by opening up the country to visitors.
Tags: Saudi Arabia, an airport in Riyadh
