Saudi Loosens Airport Regulation in $100 Billion Investment Push
- Oil-rich kingdom seeks to diversivy into areas like tourism
- Move follows creation of new airline to broaden connectivity
A Riyadh Air Boeing 787-9 Dreamliner unveiled during a ceremony at King Khaled International Airport in Riyadh, on June 12.
Photographer: Rania Sanjar/AFP/Getty Images
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Saudi Arabia plans to open its domestic aviation industry to more competition, part of an overhaul that the government estimates will drive a $100 billion investment in the sector by the end of the decade.
Among the plans laid out by the General Authority of Civil Aviation, airports and ground-handling operations will be allowed to be privatized, and airports will also receive an incentive plan to raise their quality standards, according to a statement. License processes for ground handling and air cargo service providers will also streamlined. according to the release.