As a further indication of the improving ties between the two nations, Saudi Arabia has announced that it will make its airspace accessible to all air carriers, allowing for more overflights to and from Israel.
The multi-billion dollar new international airline operated by Saudi Arabia is nearing completion and is reportedly going to be called “RIA,” according to sources. The Kingdom has been working on the launch for the past 12 months, and the new business is being supported by the Public Investment Fund of Saudi Arabia.
‘This decision paves the way for a more integrated, stable, and secure Middle East region, which is vital for the security and prosperity of the United States and the American people, as well as for the security and prosperity of Israel,’ White House National Security Advisor Jake Sullivan said in a statement. A $100 billion investment in the aviation industry over the next eight years, the majority of which would go toward developing a new national carrier operating international routes, as included in the vision for the country’s Vision 2030.
“We’re talking about an entirely new airline that wants to accomplish what Emirates did only 25% of the time. It’s never happened before in aviation history. It’s also the reason they haven’t named a CEO yet; whoever wins the job will have to meet the most challenging goals you can think of, the person said.
By 2030, Saudi Arabia wants to increase the number of foreign transit travelers to 30 million from the current four million. According to sources, this will require a $30 billion investment in the new airline for it to operate over 150 flights across Europe, North America, South America, Africa, and Asia. 158 locations in 85 countries are currently served by Emirates flights. Currently, the Middle East accounts for around 60% of all aviation travel in Saudi Arabia. This is where the huge opportunity is, with Asia-Pacific accounting for roughly 20% and Africa for just 10%, the insider continued.
