Saudi Arabia’s Public Investment Fund (PIF) announced today the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy.
“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,” stated Majed Al-Assaf, head of consumer goods and retail in MENA Investments at PIF.
Company to explore additional retail opportunities
The new company will develop luxury retail outlets in select locations across the country and feature a variety of merchandise including distinctive, high-quality Saudi products. Al Waha will operate its airport outlets on a duty-free basis and explore additional travel retail opportunities at land border crossings and seaports, as well as channels such as inflight shopping.
“Al Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty-free operation and a superior digital customer journey,” added Al-Assaf.
With around $925 billion in assets under management, PIF has an ambitious program to deliver Vision 2030 by investing in projects, companies and partners to diversify the Saudi economy, stimulate growth in every major sector and create new opportunities for investment and employment.
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 sector. The investment fund is laying the foundations for local and international partners to invest in the economic and societal transformation of Saudi Arabia.
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PIF bolsters investment in tourism, aviation and retail
PIF is constantly unlocking the capabilities of strategic sectors to further diversify the Saudi economy. The Al Waha 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; with a large number of retail stores and restaurants, and capacity for 120 million passengers annually.
PIF has also launched Riyadh Air, the new Saudi flag-carrier, which seeks 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.
The investment fund’s retail investments include the Saudi Coffee Company, Al Madinah Heritage Company – which focuses on quality date production – and Sawani, which makes camel milk products.
