Economy News – Follow-up
The Saudi Public Investment Fund (PIF) has announced the launch of the Oasis Free Markets Company, a pioneering venture dedicated to retail sales for travelers. This initiative marks the first fully Saudi-owned company to operate free markets in the Kingdom.
Oasis will focus on developing luxury retail outlets in select locations throughout Saudi Arabia and will be distinguished by its offering of a diverse array of high-quality products, including premium Saudi goods. The company is set to manage its airport retail operations under the principles of free markets, while also exploring further opportunities for retail sales at land border crossings and ports, as well as aboard flights.
Majid Al-Assaf, head of the consumer and retail products sector at PIF’s General Administration of Investments in the Middle East and North Africa, stated, “The Public Investment Fund aims to bolster the growth of retail trade for travelers and contribute to the expansion of the local tourism sector through the launch of Oasis.” He added, “We see significant potential to increase the Kingdom’s share of travel-related retail spending. The anticipated rise in traveler numbers to the Kingdom, coupled with global events hosted locally, presents new avenues for generating sustainable returns within the travel retail sector.”
The establishment of Oasis aligns with the PIF’s broader investment strategy targeting the tourism, aviation, and retail sectors. This includes projects like King Salman International Airport in Riyadh, which, once completed, is set to become one of the world’s largest airports with a capacity of 120 million passengers annually, featuring an extensive array of retailers and restaurants.
Additionally, the fund has launched Riyadh Air, the new national carrier, aimed at positioning Riyadh as a global hub for travel. Other notable investments include initiatives such as the Great Projects group and Saudi Cruz, headquartered in Jeddah, which strive to position the Red Sea coast as a premier global destination. The fund’s retail ventures also encompass the Saudi Coffee Company and the City Heritage Company, which specializes in high-quality date production, as well as Swani, a company focused on camel milk products.
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