The Public Investment Fund (PIF) has launched Al Waha Duty-Free Company (Al Waha) for retail sales to travelers, according to the Saudi Press Agency.
Al Waha, a wholly owned PIF company, marks the first Saudi-owned duty-free operator.
Through the development of luxury retail outlets in certain locations across the Kingdom, the company will offer a vast array of merchandise including distinctive, high-quality Saudi products. Therefore, Al Waha will become a national leader in the travel retail sector.
Crucially, it will operate its airport outlets depending on a duty-free basis. As for land crossings and seaports, the newly established company will consider the possibility of additional travel retail opportunities at them.
“By establishing Al Waha as a pioneering national travel retail company, PIF aims to revolutionize the Saudi travel retail industry and foster its ambitions for the Saudi tourism sector,” Head of Consumer Goods and Retail in MENA Investments at PIF Majed Al-Assaf said.
Al-Assaf also stated that the new company will offer an unparalleled traveler experience across Saudi travel retail touch points with various product offerings, a duty-free operation as well as an advanced digital customer journey.
Furthermore, he noted that Saudi Arabia has valuable opportunities to secure a larger share of travel retail spending in the future.
The Kingdom also can consider the possibility of generating sustainable travel retail revenues through the continuous increase in visitors’ numbers and the Kingdom’s success in hosting global events.
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