Saudi Arabia has launched a new national airline called Riyadh Air, with a goal to serve over 100 destinations by 2030. The airline is owned by the Public Investment Fund (PIF), the sovereign wealth fund of Saudi Arabia, which has over $600 billion in assets. The creation of Riyadh Air is seen as a move to diversify the Saudi Arabian economy and create more than 200,000 jobs. Tony Douglas, a veteran of the airline industry, has been appointed as the CEO of the new airline. Riyadh Air will compete with other regional airlines such as Emirates, Qatar Airways, and Turkish Airlines.