RIYADH, Saudi Arabia—This oil rich kingdom unveiled a new international airline called Riyadh Air, aiming to compete with a handful of other Mideast carriers that have used their geography to build world-class airlines and attract business travelers and tourists.
Saudi Arabia’s sovereign-wealth fund, the Public Investment Fund, is close to committing to a big order of Boeing Co. jets to underpin the new airline, The Wall Street Journal first reported over the weekend. A deal, which could be announced as early as this week, would be a boon for the aircraft maker and a big bet by Riyadh that it can compete in an already-crowded Mideast aviation market.
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