A landmark for the Kingdom as PIF launches Al Waha, first Saudi-owned duty-free retailer

SAUDI ARABIA. In a breakthrough for the Kingdom’s rapidly evolving aviation and tourism landscape, Public Investment Fund (PIF) today announced the establishment of travel retailer Al Waha Duty-Free Company (Al Waha), the first Saudi-owned duty-free operator.

Al Waha, a wholly owned PIF company, pledges to become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy.

Al Waha will develop premium and luxury stores in select locations across the country and feature a variety of merchandise including distinctive, high-quality Saudi products.

The newly formed entity will operate its airport stores on a duty-free basis. It will also explore additional travel retail opportunities at land border crossings and seaports and channels such as inflight shopping.

PIF Head of Consumer Goods and Retail in MENA Investments Majed Al-Assaf said, “By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia.

“Al Waha will offer a distinctive traveller experience across Saudi travel retail touchpoints through diverse product offerings, a duty-free operation and a superior digital customer journey.

“There is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to Saudi Arabia – as well as global events being hosted locally – offer new opportunities to generate sustainable travel retail revenues.”

PIF said it is unlocking the capabilities of strategic sectors to further diversify the Saudi economy. Today’s announcement follows a series of investments by PIF in tourism, aviation and retail. These include King Salman International Airport in Riyadh, which had its masterplan launched in 2022, and which is designed to be one of the world’s largest airports upon its completion.

King Salman will feature myriad shops and restaurants, and capacity for 120 million passengers annually.

PIF has also launched Riyadh Air, the new Saudi flag-carrier, which is intended to make Riyadh a major international air travel hub. Other PIF tourism investments include Jeddah-based Red Sea Cruise Company Cruise Saudi, which aims to make the Saudi coastline a premier global destination.

Retail investments include the Saudi Coffee Company, Al Madinah Heritage Company – which focuses on quality date production – and Sawani, which makes camel milk products.

About PIF

PIF is an investment engine with an ambitious programme to deliver Vision 2030 – the Saudi government’s transformative economic and social reform blueprint that is opening the Kingdom to the world and within which tourism, sustainable and regenerative, plays a pivotal role.

PIF invests in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector, and create new opportunities for investment and employment.

As a global investor and catalyst of change, PIF is actively partnering with pioneering organisations across the world to accelerate their growth, and transfer the technology and knowledge needed to build industry ecosystems of the future.

Since 2017, PIF has established 103 companies and is driving the transition to a more sustainable economy through strategic investments and partnerships across the Saudi public and private sectors.

PIF is committed to laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.

For more information, visit the website at www.pif.gov.sa

MORE ON TRAVEL RETAIL AND AVIATION FROM THE MOODIE BLOG

The Moodie Davitt Report has been dedicating unrivalled focus to the Saudi aviation and travel retail sectors over recent years. This January, Founder & Chairman Martin Moodie paid a three-city visit to the Kingdom. Look out for his interviews with leading executives, coming soon. In the meantime you can read his extensive, personalised account via The Moodie Blog below. Click on any of the images to read.