The Saudi Public Investment Fund (PIF) has launched “Alwahh for Duty-Free Markets,” a retail company targeting travelers. This will be the first Saudi-owned company operating in duty-free markets, serving as a national leader in the retail sector for travelers and redirecting a significant portion of travel spending to the Saudi economy.
Alwahh, fully owned by PIF, will develop luxury retail outlets in selected locations across the Kingdom, offering a wide range of products, including high-quality Saudi goods. The company will manage its outlets in airports following the duty-free market concept, and may explore future opportunities for retail sales at land borders, ports, as well as on flights.
Majid Al Assaf, Head of Consumer and Retail Products Sector at PIF’s Middle East and North Africa Investments division, emphasized PIF’s goal to enhance retail trade for travelers and support local tourism aspirations through the launch of Alwahh. The company aims to provide a unique shopping experience for travelers in various travel facilities in the Kingdom by diversifying products, enhancing duty-free market operations, and developing an advanced digital shopping experience.
Al Assaf highlighted the significant opportunities PIF has to increase the Kingdom’s share of travel retail spending in the future, given the expected growth in traveler numbers to the Kingdom and the global events hosted locally. These opportunities present new avenues to generate sustainable returns for the travel retail sector.
The Public Investment Fund is working to unleash the potential of strategic sectors to enhance economic diversification efforts in the Kingdom.
