• Al Waha will drive growth in the Kingdom's travel retail market by enhancing the traveler experience.

Riyadh: The Public Investment Fund (PIF) today announced the launch of Al Waha Duty Free (Al Waha), a travel retail company. Al Waha will be the first Saudi-owned duty-free operator. The company will be a national leader in the travel retail sector, redirecting a greater portion of travel spending back into the Saudi economy.

Al Waha, a wholly owned subsidiary of the Public Investment Fund, will develop luxury retail outlets in select locations across the Kingdom, featuring a diverse range of goods, including high-quality Saudi products. The company will operate its airport outlets on a duty-free basis, and will explore additional retail opportunities at land border points and ports, in addition to in-flight sales.

Majed Al-Assaf, Head of Consumer Products and Retail at the Public Investment Fund's Middle East and North Africa Investment Department, said: "The Public Investment Fund aims to enhance the growth of travel retail and support its aspirations in the domestic tourism sector by launching Al Waha, a leading national travel retail company. Al Waha will offer a distinctive experience for travelers across various travel facilities in the Kingdom through product diversification, distinguished duty-free operations, and the development of an advanced digital shopping experience."

Al-Assaf added: "We have significant opportunities to increase the Kingdom's share of travel retail spending in the future. The expected growth in the number of travelers to the Kingdom, in addition to global events hosted locally, provides new opportunities to generate sustainable revenues for the travel retail sector."

The Public Investment Fund is working to unlock the potential of strategic sectors, with the aim of enhancing economic diversification efforts in the Kingdom. The launch of Al Waha Company aligns with a series of major investments by the fund in the tourism, aviation, and retail sectors, including King Salman International Airport in Riyadh, whose plans were launched in 2022. Upon completion, it will be one of the largest airports in the world, with a capacity of 120 million passengers annually and will include numerous retail stores and restaurants.

The fund also launched Riyadh Air, the Kingdom's new national carrier, which aims to make Riyadh a global gateway for travel. The fund's investments also include the Mega Projects Group, along with the Jeddah-based Cruise Saudi, which is working to make the Kingdom's Red Sea coast a major global destination. The fund also has investments in the retail sector, including the Saudi Coffee Company, Turath Al Madinah, which focuses on producing high-quality dates, and Sawani, which specializes in camel milk products.

About the Public Investment Fund :

The Public Investment Fund (PIF) is one of the world's largest and most influential sovereign wealth funds. Its Board of Directors is chaired by His Royal Highness Crown Prince Mohammed bin Salman bin Abdulaziz, Prime Minister, Chairman of the Council of Economic and Development Affairs (CEDA), and Chairman of the Board of Directors of the Public Investment Fund (PIF). Since 2015, the PIF's Board of Directors has been restructured and linked to the Council of Economic and Development Affairs. The Fund plays a leading role in driving the transformation and diversification of the Saudi economy, while also contributing to shaping the future of the global economy. Since 2017, the Fund has established more than 103 companies. The Fund is building a diversified portfolio by entering into attractive, long-term investment opportunities in 13 strategic sectors, both locally and internationally. The Fund's strategy, according to the PIF Program 2021-2025 – one of the programs for achieving Saudi Vision 2030 – aims to empower many promising sectors and contribute to increasing local content by establishing partnerships with the private sector. It also works to transfer technologies and localize knowledge. To build a prosperous and sustainable economy in the Kingdom, and as the Kingdom's investment arm, the Fund has worked to enter into distinctive investments and build strategic alliances and partnerships with many prestigious international institutions and entities. This contributes to achieving real long-term value for the Kingdom, in line with the objectives of Vision 2030. The Public Investment Fund has also developed an operational governance model that highlights its mission and key objectives, which are aligned with global best practices. The implementation of this model enhances transparency and effectiveness in decision-making and future progress .

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