European budget airline Whizz Air has signed a preliminary agreement with Saudi Arabia’s Ministry of Investment to explore opportunities in the Kingdom, as the aviation sector recovers from the pandemic, the Financial Times reported.
Wizz Air and Saudi Arabia will work together on potential investment and operating models to boost the country’s tourism industry. The deal is also expected to boost the connectivity of the low-cost airline.
Saudi Arabia has set out plans to triple the number of passengers flying into the country by 2030, a move that Wizz said presented “unprecedented opportunities” for airlines and the aviation industry supply chain.
“This agreement reflects a shared vision between the parties on the potential Wizz Air could bring to the Kingdom to stimulate new demand, thereby making a significant contribution to Saudi Arabia’s planned growth,” said Wizz Air in a statement filed at the London Stock Exchange, on Tuesday.
Meanwhile, as the Future Aviation Forum concluded in Riyadh on May 10, Saudi Arabia announced its ambitious plans to launch a new national airline to complement its existing national carriers.
Saudi Arabia also announced its new travel policy at the event, tentatively named Harmonizing Air Travel Policy, aimed at reducing formalities and complexities associated with international travel.
ABOUT WIZZ AIR
Wizz Air, the fastest-growing European low-cost airline and one of the most sustainable, operates a fleet of 154 Airbus A320 and A321 aircraft. A team of dedicated aviation professionals delivers superior service and very low fares, making Wizz Air the preferred choice of 27.1 million passengers in the financial year F22 ending 31 March 2022. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ. The company was recently named one of the world’s top ten safest airlines by airlineratings.com, the world’s only safety and product rating agency, and 2020 Airline of the Year by ATW, the most coveted honour an airline or individual can receive, recognizing individuals and organizations that have distinguished themselves through outstanding performance, innovation, and superior service, and was rated the most sustainable airline in Europe by Sustainalytics.