PIF launches Saudi Arabia's first ever duty-free retailer
Image credit: Getty Images
The Public Investment Fund (PIF) in Saudi Arabia has announced the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator.
Al Waha:
How will the entity function
Al Waha will develop luxury retail outlets at select locations across Saudi Arabia, offering a variety of merchandise, including distinctive, high-quality Saudi products. The company will operate airport outlets on a duty-free basis and explore additional travel retail opportunities at land border crossings and seaports, as well as through channels such as inflight shopping.
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'By establishing Al Waha as a national travel retail champion, PIF aims to grow Saudi Arabia's travel retail industry and further support its ambitions for the tourism sector. Al Waha will provide a distinctive travel experience across Saudi travel retail touchpoints, offering diverse products, duty-free operations, and a superior digital customer journey,' said Majed Al Assaf, Head of Consumer Goods and Retail in MENA Investments at PIF.
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There is significant potential for Saudi Arabia to capture a larger share of travel retail spending in the future. This will be driven by the continued increase in visitors to the country, which presents new opportunities to generate sustainable travel retail revenues for the Saudi economy.
The Public Investment Fund is also unlocking the capabilities of strategic sectors to diversify Saudi Arabia's economy.
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