Latest news with #MajedAlAssaf
Trade Arabia
11-03-2025
- Business
- Trade Arabia
PIF launches first Saudi-owned duty-free retailer
Saudi Arabia's sovereign wealth fund PIF 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 will develop luxury retail outlets in select locations across the country and feature a variety of merchandise including distinctive, high-quality Saudi products. The company will operate its airport outlets on a duty-free basis, and will explore additional travel retail opportunities at land border crossings and seaports, as well as channels such as inflight shopping, said the company in a statement. Majed Al Assaf, the Head of Consumer Goods and Retail in Mena Investments at PIF, said: "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 Waha will offer a distinctive traveler experience across Saudi travel retail touch points through diverse product offerings, a duty-free operation and a superior digital customer journey," he stated. A wholly-owned PIF company, Al Waha will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy. Al Assaf further highlighted that there is considerable potential for Saudi Arabia to gain a larger share of travel retail spending in the future, and the continued increase in visitors coming to the country - as well as global events being hosted locally - offer new opportunities to generate sustainable travel retail revenues.
Gulf Business
11-03-2025
- Business
- Gulf Business
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. Read: '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. Saudi Arabia s et to g ain a l arger s hare of t ravel r etail s pending 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.
