Saudi Arabia’s Public Investment Fund (PIF) has launched Al Waha Duty-Free Company, the kingdom’s first domestically owned travel retail operator, aiming to expand the country’s share of global duty-free and travel retail spending.
Al Waha, a wholly owned PIF subsidiary, will operate airport-based duty-free outlets and explore travel retail opportunities at land borders, seaports, and onboard inflight services, according to a PIF statement released Tuesday. The company also plans to feature high-end local products and luxury retail offerings across selected locations in Saudi Arabia.
The launch is part of a broader PIF strategy to develop strategic sectors aligned with Saudi Arabia’s Vision 2030 economic diversification plan. The fund has invested in multiple domestic industries, including aviation, hospitality, and logistics, in efforts to reduce dependence on oil revenue and build a tourism economy capable of attracting 100 million annual visitors by 2030.
PIF has recently backed several other initiatives in the travel and tourism sector, including its investment in Riyadh Air, a new national carrier expected to launch in 2025. The duty-free segment in the Middle East is forecast to grow as regional airports expand capacity and tourism inflows rise. Dubai Duty Free, one of the largest operators globally, posted $2.16 billion in annual sales in 2023, signalling the strength of travel retail in the region.
