The Public Investment Fund (PIF) of Saudi Arabia will construct King Salman International Airport, which will span 57 square kilometers (22.01 square miles) and include the current King Khaled airport, according to the Saudi Press Agency (SPA).
Aviation is part of the government’s plan to make Riyadh a global transportation and logistics hub by 2030, with the airport serving as the home base for a brand new airline, RIA, which will compete with regional heavyweights Emirates and Qatar Airways.
The kingdom has set lofty goals for diversifying its economy and reducing its reliance on oil, pouring hundreds of billions of dollars into a Vision 2030 initiative spearheaded by the kingdom’s de facto ruler, Prince Mohammed.
“The airport project is in line with Saudi Arabia’s vision to transform Riyadh to be among the top ten city economies in the world and to support the growth of Riyadh’s population to 15–20 million people by 2030,” SPA said.
It was also stated that by 2050, King Salman airport would generate 103,000 direct and indirect jobs, handle 185 million passengers, and process 3.5 million tonnes of cargo.
It did not provide specifics on the planned investments, but a source familiar with the plans told that the PIF’s aviation department will receive substantial funding to develop an ecosystem of cargo and passenger airlines, repair companies, and airports.
Under the transportation strategy that calls for the establishment of the two hubs, the 77-year-old state airline Saudia will be based out of the Red Sea city of Jeddah.
The kingdom is already in talks with Airbus and Boeing about placing orders for the two carriers Saudia and RIA.
To read our blog on “Ufone offers lowest data roaming rates for Saudi Arabia and UAE,” click here
