Saudi Arabia’s Crown Prince Mohammed bin Salman formally announced on Sunday the creation of a new national airline, Riyadh Air. Industry veteran Tony Douglas will be the chief executive.

Riyadh Air will will serve more than 100 destinations around the world by 2030, making use of the kingdom’s location between Asia, Africa and Europe, state news agency SPA said.

The new airline is expected to add $20 billion to Saudi Arabia’s non-oil GDP growth and create more than 200,000 jobs both directly and indirectly, it said.

The announcement may lead to a tougher battle for passengers, going head-to-head with regional giants Emirates, Qatar Airways and Turkish Airlines as the travel industry recovers from the pandemic.

Riyadh Air is wholly owned by Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), which has more than $600 billion in assets and is the main driver of the kingdom’s efforts to diversify its economy and wean itself off oil.

The national airline of Saudi Arabia is Saudia (Saudi Arabian Airlines). It was founded in 1945 and is based in Jeddah. Saudia operates domestic and international flights to more than 90 destinations across the Middle East, Africa, Asia, Europe, and North America. The airline is a member of the SkyTeam airline alliance and has a fleet of over 150 aircraft, including Boeing 777s, Airbus A320s, and A330s.