PIF announces 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.
Al Waha will develop luxury retail outlets in select locations across the country and provide a range of merchandise including unique, high-quality Saudi products. The company will operate airport outlets on a duty-free basis and explore additional travel retail opportunities at land border crossings and seaports, along with channels such as inflight shopping.
Majed Al-Assaf, the Head of Consumer Goods and Retail in MENA Investments at PIF, stated: “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 provide a distinctive traveler experience across Saudi retail touch points 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 continuous increase in visitors coming to Saudi Arabia—as well as global events hosted locally—offer new opportunities to generate sustainable travel retail revenues.”
PIF is capitalizing on strategic sectors to further diversify the Saudi economy. Today’s announcement follows a series of investments in tourism, aviation, and retail by PIF. These include King Salman International Airport in Riyadh, which launched its master plan in 2022, set to become one of the world’s largest airports upon completion, featuring numerous retail stores and restaurants, and a capacity for 120 million passengers annually.
Additionally, PIF launched Riyadh Air, the new Saudi flag-carrier, aimed at establishing Riyadh as a major international air travel hub. Other tourism investments by PIF also include the Red Sea Cruise Company Cruise Saudi, which seeks to turn the Saudi coastline into a premier global destination.
