UK's Virgin set to obtain first foreign airline license in KSA

Saudi Arabia intends to start licensing foreign airlines to operate in the local market, to strengthen the Kingdom's position in the global aviation network and help achieve its foreign tourism targets, Al Eqtisadiah newspaper reported.

Virgin Atlantic will be the first foreign airline to receive a license to enter the local market and operate flights as part of the Air Connectivity Program.

The cooperation agreement with the British airline will be signed in Riyadh, on Aug. 2.

Virgin Atlantic is a private British airline headquartered at Heathrow Airport. Richard Branson owns 51% of the airline's capital, while Singapore Airlines holds a 49% stake, according to data available on Argaam.