Saudi Arabia’s Crown Prince formally announced the creation of Riyadh Air

Saudi Arabia’s Crown Prince Mohammed bin Salman formally announced on Sunday Mar. 12 the creation of Riyadh Air, with industry veteran Tony Douglas as chief executive, as the kingdom moves to compete with regional transport and travel hubs.

Boeing is expected to sell nearly 80 787 Dreamliner airplanes to two Saudi Arabian airlines, a source briefed on the matter said on Monday.

An announcement of the plan reported earlier by the Wall Street Journal is expected as soon as Tuesday Mar. 14, and the list prices for 78 planes would total nearly $37 billion. Airlines typically get undisclosed discounts when buying airplanes.

Riyadh Air will serve more than 100 destinations around the world by 2030, making use of the kingdom’s location between Asia, Africa and Europe, state news agency SPA said.