As the country’s first duty-free operator, Al Waha will introduce luxury retail outlets at key locations, offering a range of products, including exclusive Saudi items. It aims to elevate the traveler experience with duty-free airport stores, digital integration, and retail expansion across land borders, seaports, and in-flight shopping.

Backed by PIF’s $925 billion in assets, the launch reflects Saudi Arabia’s push to diversify its economy beyond oil and strengthen its tourism sector.

The launch aligns with Saudi Arabia’s push to become a global tourism hub, aiming to attract 150 million visitors by 2030. With the Kingdom set to host major international events—including the 2027 Asia Cup, the 2029 Asian Winter Games, Expo 2030, and the 2034 FIFA World Cup—demand for premium travel retail services is expected to grow.

“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 Kingdom as well as global events,” he added.

Beyond travel retail, PIF has driven several major tourism initiatives, including Riyadh Air, a new national carrier set to establish Riyadh as a key aviation hub, and Cruise Saudi, which is transforming the Kingdom’s coastline into a premier global cruise destination.