The Public Investment Fund (PIF) of Saudi Arabia has officially launched Al Waha Duty Free Operating Co., marking the establishment of the Kingdom's first nationally-owned duty-free operator.

This initiative is part of PIF's broader strategy aimed at expanding the domestic travel retail market and furthering the nation’s economic growth.

In a recent press statement, PIF confirmed that Al Waha will develop luxury retail outlets in strategically chosen locations across Saudi Arabia, featuring a wide array of products, including unique Saudi items.

With assets totaling approximately $925 billion, PIF stands as one of the world’s largest and most influential sovereign wealth funds, leading the Kingdom's efforts to diversify its economy away from oil dependency.

Majed Al-Assaf, head of Consumer Goods and Retail in Middle East and North Africa Investments at PIF, stated, "By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia." Al-Assaf noted that Al Waha aims to offer a distinctive traveler experience at various Saudi travel retail locations, emphasizing diverse product offerings and a superior digital customer journey.

In addition to airport outlets operating on a duty-free basis, Al Waha will explore travel retail opportunities at land border crossings and seaports, as well as inflight shopping channels.

This initiative aligns with Saudi Arabia’s ambition to emerge as a leading global tourism destination by 2030, with a goal of attracting 150 million visitors.

Al-Assaf further highlighted the potential for Saudi Arabia to increase its share of travel retail expenditure as the Kingdom continues to establish itself on the global tourism stage and prepares to host several major international events.

Upcoming events include the 2027 Asia Cup, the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup.

To support the growth of the tourism sector, PIF has also initiated several key projects, such as Riyadh Air, a new national carrier aiming to make Riyadh a major international air travel hub, and Cruise Saudi, which endeavors to position the Saudi coastline as a top global travel destination.

PIF’s investments in the retail sector include ventures such as Saudi Coffee Co., Al Madinah Heritage Co., focusing on high-quality date production, and Sawani, a producer of camel milk products.