Saudi Arabia’s Public Investment Fund (PIF) has announced the launch of Al Waha Duty-Free Company, marking a major milestone in the Kingdom’s retail and travel sectors. As the first Saudi-owned duty-free operator, Al Waha is poised to transform the country’s travel retail landscape, reinforcing Saudi Arabia’s position as a key player in the global market.
A bold step in travel retail
Al Waha is set to enhance the traveller experience by offering a diverse selection of high-quality products, including luxury goods and distinctive Saudi-made merchandise. The company will initially operate duty-free outlets in airports and is exploring expansion into land border crossings, seaports, and inflight shopping channels. With a focus on premium retail spaces and an elevated digital experience, Al Waha aims to capture a significant share of passenger spending and solidify its status as a leader in the travel retail sector.
Majed Al-Assaf, Head of Consumer Goods and Retail in MENA Investments at PIF, commented: “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. Al Waha will offer a distinctive traveller experience across Saudi travel retail touchpoints through diverse product offerings, a duty-free operation, and a superior digital customer journey. With increasing visitor numbers and major global events being hosted in Saudi Arabia, there is significant potential for growth in travel retail revenues.”
Al Waha: PIF’s commitment to economic diversification
The launch of Al Waha is part of a broader strategy by PIF to drive economic transformation and diversify the Kingdom’s economy under Vision 2030. PIF has been instrumental in developing key sectors such as tourism, aviation, and retail, creating new opportunities for investment and employment. Since 2017, the fund has launched over 100 companies, strengthening Saudi Arabia’s economic foundations while fostering global partnerships.
Strategic investments shaping Saudi Arabia’s future
Al Waha’s debut follows a series of strategic investments by PIF, which include:
- King Salman International Airport – With its masterplan unveiled in 2022, this upcoming global aviation hub will host a world-class retail environment and cater to up to 120 million passengers annually.
- Riyadh Air – The Kingdom’s new national airline is set to position Riyadh as a major international travel hub, boosting connectivity and tourism.
- Cruise Saudi – Focused on making the Saudi coastline a premier global cruise destination, further enhancing the country’s tourism appeal.
- Retail sector investments – PIF has invested in businesses such as Saudi Coffee Company, Al Madinah Heritage Company (specialising in quality date production), and Sawani, a company focused on camel milk products.
A new era for Saudi travel retail
With growing visitor numbers, global events, and enhanced infrastructure, Saudi Arabia is well-positioned to claim a larger share of the international travel retail market. Al Waha Duty-Free Company represents a bold step towards modernising the travel shopping experience, providing visitors with world-class retail options while championing locally produced goods.
As Saudi Arabia continues its journey towards economic transformation, PIF remains at the forefront, shaping the future of travel, tourism, and retail through ambitious projects that set new benchmarks for the industry.
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Read also: Adeera: PIF announces a new era for Saudi hospitality
Photo top of page: Alexandre Debieve – Unsplash
