Sky News Arabia: Robust aviation industry is vital to a more diverse Saudi economy

• Investment in Saudi aviation has an outsized economic impact, PIF’s Head of Aviation and Security Section says in a Sky News Arabia interview
• PIF investments include the commercial airline Riyadh Air, as well as companies in general aviation, and services and infrastructure
• Riyadh Air is a “cornerstone” for the Saudi aviation ecosystem and will connect the nation to the world

Aviation is a $1 trillion-plus industry, and every dollar invested in aviation creates an economic impact of around $4. That’s why PIF takes aviation investment so seriously, Muhammad Ovais Yousuf, Head of the Aviation and Security Section in PIF’s MENA Investments Division, said in a Sky News Arabia interview.

Saudi Arabia’s target of attracting 150 million tourists by 2030 to help diversify the economy away from oil depends on the development of a robust aviation ecosystem, he said.

Four years ago, PIF formed a strategy which has seen investment in three critical areas of aviation. First, is the commercial airline Riyadh Air, which Yousuf described as “a cornerstone” – one of PIF’s most fundamental investments in both size and impact.

Riyadh Air plans “very soon” to open to the public, after its initial launch on Oct. 26 with an inaugural flight to Heathrow Airport in London. Through partnerships with Delta Air Lines and other carriers, it will connect Riyadh to the world.

The second area of investment is general aviation, which today includes The Helicopter Company, a PIF portfolio company.

Third, is aviation services and infrastructure. PIF has invested in Saudia Technic to develop a 1 million square meter facility for aircraft maintenance, repair and overhaul. PIF has also established the aircraft leasing business AviLease.

Watch the full interview here.

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