PIF launches Al Waha duty-free retailer

The Public Investment Fund (PIF) announced the establishment of Al Waha Duty-Free Company (Al Waha), a travel retailer and the first Saudi-owned duty-free operator. Al Waha, a wholly owned PIF company, will become a leader in travel retail and secure a greater share of passenger spending for the Saudi economy.

In an emailed statement to Argaam today, March 10, PIF said Al Waha will develop luxury retail outlets in select locations across the country and feature a variety of merchandise, including distinctive, high-quality Saudi products.

Al Waha will operate its airport outlets on a duty-free basis and will explore additional travel retail opportunities at land border crossings and seaports, as well as channels such as inflight shopping.

Majed Al-Assaf, Head of Consumer Goods and Retail in MENA Investments at PIF, said PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia.

Al Waha will offer a distinctive traveler experience across Saudi travel retail touchpoints through diverse product offerings, a duty-free operation, and a superior digital customer journey.

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 Saudi Arabia—as well as global events being hosted locally—offers new opportunities to generate sustainable travel retail revenues, he added.

PIF is unlocking the capabilities of strategic sectors to further diversify the Saudi economy. Today’s announcement follows a series of investments by PIF in tourism, aviation, and retail.