Wizz Air Holdings PLC (AIM:WIZZ) has signed a memorandum of understanding (MoU) with Saudi Arabia to "explore airline market development opportunities" in the kingdom.
Following the airline's Abu Dhabi move in early 2020, the new deal with Saudi Arabia's ministries of investment and tourism represents hopes on both sides that a new air link with Europe could "stimulate new demand" in Saudi Arabia.
Saudi Arabia has an ambitious vision to triple passenger traffic by 2030 as part of its Vision 2030 programme.
The collaboration will see Wizz and the kingdom work together on developing investment and operating models.