PIF Launches Al Waha: First Saudi-Owned Duty-Free Retail Operator
The Public Investment Fund introduces Al Waha to boost local travel retail and support tourism in Saudi Arabia.
The Public Investment Fund (PIF) of Saudi Arabia has officially launched Al Waha, the nation’s first Saudi-owned duty-free retail operator.
This initiative aims to position Al Waha as a significant player in the travel retail sector, contributing to the economy by redirecting a larger portion of travel spending back into the kingdom.
Al Waha plans to establish luxury retail outlets in select locations across Saudi Arabia, offering a wide array of products, including premium Saudi goods.
The operating model includes duty-free outlets at airports and the exploration of retail opportunities at land border points and ports, in addition to in-flight sales options.
Majed Al-Assaf, the Head of Consumer Goods and Retail in MENA Investments at PIF, highlighted the intent behind the launch, emphasizing the objective to enhance the travel retail segment and support local tourism growth.
Al-Waha is expected to deliver a unique shopping experience for travelers throughout various facilities in Saudi Arabia, focusing on product diversification, distinctive duty-free operations, and an advanced digital shopping platform.
Al-Assaf also noted the anticipated increase in travelers to Saudi Arabia and the global events planned in the country, indicating these developments could create sustainable revenue avenues for the travel retail industry.
The launch of Al Waha is part of broader investments by the PIF aimed at enhancing the tourism and retail landscape.
This includes the King Salman International Airport in Riyadh, inaugurated in 2022, projected to be one of the largest airports globally with an annual capacity of 120 million passengers and numerous retail outlets and dining options.
Moreover, the PIF recently unveiled Riyadh Air, the new national airline intended to position Riyadh as a global travel hub.
Additional investments encompass projects like the Grand Projects Group, Cruise Saudi for bolstering the country’s Red Sea coastline as a premier destination, and retail ventures such as the Saudi Coffee Company, Turath Al Madinah for high-quality date production, and Sawani, specializing in camel milk products.
This initiative aims to position Al Waha as a significant player in the travel retail sector, contributing to the economy by redirecting a larger portion of travel spending back into the kingdom.
Al Waha plans to establish luxury retail outlets in select locations across Saudi Arabia, offering a wide array of products, including premium Saudi goods.
The operating model includes duty-free outlets at airports and the exploration of retail opportunities at land border points and ports, in addition to in-flight sales options.
Majed Al-Assaf, the Head of Consumer Goods and Retail in MENA Investments at PIF, highlighted the intent behind the launch, emphasizing the objective to enhance the travel retail segment and support local tourism growth.
Al-Waha is expected to deliver a unique shopping experience for travelers throughout various facilities in Saudi Arabia, focusing on product diversification, distinctive duty-free operations, and an advanced digital shopping platform.
Al-Assaf also noted the anticipated increase in travelers to Saudi Arabia and the global events planned in the country, indicating these developments could create sustainable revenue avenues for the travel retail industry.
The launch of Al Waha is part of broader investments by the PIF aimed at enhancing the tourism and retail landscape.
This includes the King Salman International Airport in Riyadh, inaugurated in 2022, projected to be one of the largest airports globally with an annual capacity of 120 million passengers and numerous retail outlets and dining options.
Moreover, the PIF recently unveiled Riyadh Air, the new national airline intended to position Riyadh as a global travel hub.
Additional investments encompass projects like the Grand Projects Group, Cruise Saudi for bolstering the country’s Red Sea coastline as a premier destination, and retail ventures such as the Saudi Coffee Company, Turath Al Madinah for high-quality date production, and Sawani, specializing in camel milk products.