Alerts Sign-up
Riyadh Air CEO Tony Douglas has stated that the airline’s financial plans remain stable, even as Saudi Arabia undertakes a comprehensive review of government spending. The carrier, which is backed by equity from the Saudi Public Investment Fund (PIF), is preparing to begin nonstop flights to London on October 26. To support its growth, Riyadh Air plans to finance the acquisition of approximately 182 aircraft through sustainability-linked debt and lease arrangements with major aircraft asset managers.
The airline is positioned to contribute to Saudi Arabia’s goal of attracting 150 million tourists by 2030. This timeline coincides with major events such as Expo 2030 and the 2034 World Cup being hosted in the country. Deliveries of Boeing 787 aircraft are expected soon, with an initial rate of one per month set to increase to two per month by late 2026. Riyadh Air aims to serve up to 100 international destinations within five years. Initial ticket sales will be offered exclusively to airline and PIF employees, with public sales planned for early next year.
Douglas emphasized that despite a strategic review of PIF funding, “the airline's plans are not going to change.” The carrier will utilize various financing methods—including Islamic bonds known as sukuk—to support its fleet expansion. Phased operations, starting with invite-only London flights this month and broader sales in 2026, are designed to manage cash flow during the ramp-up period.
