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PRESSEMELDING
A new low fares airline for the Kingdom of Saudi Arabia
Investment Enterprises Ltd, chaired by HRH Prince Bandar Bin Khalid Al Faisal, proudly announces its plan to launch a low fares airline in the Kingdom of Saudi Arabia next year. The launch of the airline is supported by a number of prominent Saudi investors and is in response to the growing demand for airline services within the KSA and the region.
HRH Prince Bandar said, “Our preparations for operational launch are proceeding extremely well, and a contract has been signed with Mango Aviation Partners, a firm that specialises in the set up and management of low fare airline operations, to establish the company. Investment Enterprises are being advised by Al-Khabeer Financial Advisors and the Law Firm of Mohammed Al-Sheikh”.
HRH added, “We carried out extensive consumer research that has shown wide public support for the launch of a new airline alongside Saudi Arabian Airlines and the venture has attracted a high level of interest.”.
HRH Prince Bandar clarified, “Our preparations for the establishment and operational launch of the company are subject to meeting the specific regulatory approval requirements of the KSA, and international safety criteria, and we are planning to commence services in summer of 2006”.
The launch of the company was made possible by the government of the Custodian of the Two Holy Mosques King Abdullah Bin AbdulAziz and his Royal Highness the Crown-Prince, Prince Sultan Bin AbdulAziz (may Allah preserve them), which has approved private sector investment in air transport.
HRH Prince Bandar said, “We are very confident of the new company’s success, and its establishment has been widely welcomed by a number of key Saudi investors whom we offered strategic partnership in the project. Our research indicates that airline services in the Kingdom and the region will grow very strongly in the coming years, driven by the rapid growth of the Saudi economy, and as part of the increase in the role of the non-oil sector in the country’s economy.
HRH pointed out that the new airline company will be a valuable addition to the private sector efforts supporting growth in the Kingdom. By offering quality service at low fares, the airline will meet the needs of a wide proportion of people in the Kingdom and other destinations in the airline’s network. A significant number of new job opportunities will be created in Saudi Arabia by the launch of the airline.
