RIYADH, Saudi Arabia

Saudi Crown Prince Mohammed bin Salman on Sunday announced the creation of a new national airline.

Riyadh Air will be headquartered in the Saudi capital and is wholly-owned by the Public Investment Fund (PIF).

The company’s board of directors will be chaired by PIF Governor Yasser bin Othman al-Rumayyan.

State news agency SPA said the new national carrier will leverage Saudi Arabia’s strategic geographic location between Asia, Africa and Europe, enabling Riyadh to become a global destination for transportation, trade, and tourism.

The company is expected to contribute to the growth of the kingdom’s non-oil gross domestic product, with a value of up to 75 billion riyals ($20 billion), and to create more than 200,000 job opportunities.

It targets to serve more than 100 destinations around the world by 2030.

Riyadh Air will be Saudi Arabia's second national carrier alongside Saudia.

* Ikram Imane Kouachi contributed to this report