Saudi Arabia is to launch a new airline called Riyadh Air which aims to serve more than 100 destinations globally by the end of the decade.

The new carrier, which will use the Saudi capital Riyadh as its hub, will be owned by the country¡¯s sovereign wealth fund PIF (Public Investment Fund), which is looking to diversify the economy by opening up to travel and tourism through its Vision 2030 initiative.

¡°The new national carrier will leverage Saudi Arabia¡¯s strategic geographic location between the three continents of Asia, Africa and Europe, enabling Riyadh to become a gateway to the world and a global destination for transportation, trade and tourism,¡± said Riyadh Air in a statement announcing its launch.

Former Etihad Airways boss Tony Douglas has been appointed as Riyadh Air¡¯s chief executive officer.

¡°The new carrier will acquire modern aircraft equipped with the latest technology, and will adopt world class sustainability and safety practices,¡± added the airline.

¡°It will enable a more financially resilient aviation ecosystem in Saudi Arabia, supporting the industry¡¯s global competitiveness in line with Vision 2030.¡±

Further details of Riyadh Air¡¯s plans have not yet been revealed, including an intended start date for operations.

State-owned Saudia, formerly known as Saudi Arabian Airlines, is the current flag carrier for the country and is based in Jeddah. Saudi Arabia is also home to low-cost carrier Flynas.