PIF launches Saudi Arabia’s 1st duty-free retailer ‘Al Waha’

Saudi Arabia’s Public Funding Fund (PIF) has launched Al Waha Obligation-Free Firm (Al Waha), a journey retailer and the primary Saudi-owned duty-free operator.

Al Waha, a completely owned PIF firm, is about to ascertain itself as a frontrunner in journey retail and safe a larger share of passenger spending for the Saudi economic system.

The corporate will set up luxurious shops in choose places throughout the Kingdom and have a wide range of merchandise together with distinctive, high-quality Saudi merchandise. Al Waha will function its airport retailers on a duty-free foundation, and can unlock further journey retail alternatives at land border crossings and seaports, in addition to channels similar to inflight procuring.

“By establishing Al Waha as a nationwide journey retail champion, PIF intends to develop the Saudi journey retail business and additional assist its ambitions for the tourism sector in Saudi Arabia. Al Waha will supply a particular traveler expertise throughout Saudi journey retail contact factors by numerous product choices, a duty-free operation and a superior digital buyer journey. There may be appreciable potential for Saudi Arabia to achieve a bigger share of journey retail spending sooner or later, and the continued improve in guests coming to Saudi Arabia – in addition to international occasions being hosted regionally – supply new alternatives to generate sustainable journey retail revenues.”

PIF is unlocking the potential of key sectors to speed up Saudi Arabia’s financial diversification. This announcement follows a collection of investments by PIF in tourism, aviation and retail. These embrace King Salman Worldwide Airport in Riyadh, which had its masterplan launched in 2022, and is designed to be one of many world’s largest airports upon its completion; with numerous retail shops and eating places.

Moreover, PIF has launched Riyadh Air, the brand new Saudi flag-carrier, which goals to ascertain Riyadh as a significant worldwide air journey hub. Different PIF tourism investments embrace Jeddah-based Purple Sea Cruise Firm Cruise Saudi, which seeks to make the Saudi shoreline a premier international vacation spot.

PIF’s Retail investments embrace the Saudi Espresso Firm, Al Madinah Heritage Firm – which focuses on high quality date manufacturing – and Sawani, which makes camel milk merchandise.

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