Riyadh Air CEO says airlines that ignore sustainability will fail

The head of Riyadh Air pledged the Saudi startup would be both commercially and environmentally sustainable and warned carriers that do not embrace climate concerns will not survive. Riyadh Air is owned by Saudi Arabia's Public Investment Fund, which has more than $620b in assets under management. CE Tony Douglas said the owners would impose strict financial expectations, which he did not specify. Douglas was speaking at an event to present the airline on the eve of the Paris Airshow. It is launching at a time when airlines are under pressure to meet industry emission targets, with some facing legal pressure over alleged greenwashing. "Ultimately it will be commercial aviation sustainability that will differentiate the winners and the losers, and anyone who doesn't take it seriously will probably fail for sure," Douglas said. The creation of a second Saudi national airline was announced alongside a provisional order for up to 72 Boeing 787s in March, as oil producer Saudi Arabia diversifies its economy. Douglas ruled out any further aircraft announcements at this week's show. However, industry sources said Riyadh Air was likely to sign a deal with General Electric for engines to power the recently ordered Dreamliners. <br/>