Hungarian low-cost airline Wizz Air has signed a preliminary agreement with Saudi Arabia’s Ministry of Investment in order to explore opportunities to develop the air market in the kingdom.
The deal allows both parties to work together on potential investment and operating models to boost the country’s tourism industry and increase its connectivity.
“The MoU reflects a shared vision between the parties on the potential Wizz Air could bring to the kingdom to stimulate new demand, thereby making a significant contribution to Saudi Arabia’s planned growth,” Wizz said in a statement on the London Stock Exchange.
The Hungarian airline noted that Saudi Arabia has launched a strategic vision to triple passenger traffic in the Kingdom by 2030 as part of the Vision 2030 program.
“Wizz Air’s innovative and sustainable ultra-low-cost-carrier model is proven to develop markets by making air travel affordable for more people than ever before,” the carrier said. Wizz Air believes it can provide a “significant contribution” to Saudi Arabia’s ambitious air transport growth plans.
The airline has already established itself in the Middle East through a UAE joint venture, Wizz Air Abu Dhabi, in conjunction with holding company ADQ. This carrier is to double its fleet from four to eight Airbus aircraft in October this year.
As per the reports, the kingdom also plans to launch a new national airline to complement its existing national carriers, and to build a major new international airport in Riyadh, in addition to eight new regional airports.