Saudi Public Investment Fund (PIF) announced Monday the launch of Al Waha Duty-Free Company, a travel retailer and the first Saudi-owned duty-free operator.

"By establishing Al Waha as a national travel retail champion, PIF intends to grow the Saudi travel retail industry and further support its ambitions for the tourism sector in Saudi Arabia," PIF's Head of Consumer Goods and Retail in the MENA Investments Division, Majed Al-Assaf said in a statement.

According to the statement, Al Waha will develop luxury retail outlets at select locations across the country, offering a diverse range of merchandise, including premium Saudi products.

The company will operate duty-free airport outlets and explore expansion opportunities at land border crossings, seaports, and inflight shopping channels.

The announcement follows a series of investments by the PIF in tourism, aviation, and retail.