The publish PIF launches Al Waha, first Saudi-owned duty-free retailer appeared first on TD (Travel Daily Media) Travel Daily Media.
PIF introduced the institution of Al Waha Duty-Free Company (Al Waha), a journey retailer and the first Saudi-owned duty-free operator. Al Waha, a completely owned PIF firm, will change into a frontrunner in journey retail and safe a higher share of passenger spending for the Saudi financial system.
Al Waha will develop luxurious stores in choose places throughout the nation and have quite a lot of merchandise together with distinctive, high-quality Saudi merchandise. Al Waha will function its airport retailers on a duty-free foundation, and can discover extra journey retail alternatives at land border crossings and seaports, in addition to channels similar to inflight purchasing.
Majed Al-Assaf, Head of Consumer Goods and Retail in MENA Investments at PIF, mentioned: “By establishing Al Waha as a nationwide journey retail champion, PIF intends to develop the Saudi journey retail trade and additional help its ambitions for the tourism sector in Saudi Arabia. Al Waha will provide a particular traveler expertise throughout Saudi journey retail contact factors via various product choices, a duty-free operation and a superior digital buyer 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 is unlocking the capabilities of strategic sectors to additional diversify the Saudi financial system. Today’s announcement follows a collection of investments by PIF in tourism, aviation and retail. These embrace King Salman International Airport in Riyadh, which had its masterplan launched in 2022, and which is designed to be one of many world’s largest airports upon its completion; with a lot of retail shops and eating places, and capability for 120 million passengers yearly.
PIF has additionally launched Riyadh Air, the brand new Saudi flag-carrier, which is meant to make Riyadh a significant worldwide air journey hub. Other PIF tourism investments embrace Jeddah-based Red Sea Cruise Company Cruise Saudi, which goals to make the Saudi shoreline a premier world vacation spot. Retail investments embrace the Saudi Coffee Company, Al Madinah Heritage Company – which focuses on high quality date manufacturing – and Sawani, which makes camel milk merchandise.
The publish PIF launches Al Waha, first Saudi-owned duty-free retailer appeared first on Travel Daily Media.
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