Logistic Other
SOHAR Port and Freezone emerges as a pillar of Oman’s diversification drive
Riyadh Air, owned by Saudi Arabia's PIF sovereign wealth fund, on Wednesday launched Riyadh Cargo operations, as the kingdom seeks to advance its plan to diversify its economy, reduce its dependence on oil revenue, and become a global logistics hub. Saudi Arabia, the world's leading oil exporter, is more than halfway through its Vision 2030 plan, which calls for hundreds of billions of dollars in government investment in sectors, including tourism and logistics.
Riyadh Cargo will use capacity on more than 120 wide-body aircraft on order by Riyadh Air, connecting global markets through the airline's Riyadh hub, the company said in a statement.
Riyadh Air has said it expects to operate a network of more than 100 destinations by 2030 and contribute around $20 billion to Saudi Arabia’s non-oil GDP, the statement added.
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