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HomeBusinessSaudi Sovereign Fund Eyes National Airline Acquisition

Saudi Sovereign Fund Eyes National Airline Acquisition

Strategic Move to Amplify Tourism and Diversify Economy

March 18, 2024
in Business, PIF
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Recent discussions have surfaced about Saudi Arabia’s massive sovereign wealth fund potentially purchasing the country’s flagship carrier Saudia, according to information from insiders.

The Public Investment Fund (PIF), which is responsible for managing an impressive $925 billion in assets, is considering this acquisition in line with its ambitious plans to inject capital into tourism and transportation sectors. This strategy is part of a broader vision to transform Saudi Arabia into a leading destination for visitors and to lessen the nation’s economic dependency on petroleum.

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Should the deal proceed, the PIF would assume control of Saudia from the Saudi government, with the goal of enhancing the airline’s operational effectiveness and profitability. The future for Saudia could involve either private sector involvement or a consolidation with Riyadh Air, another PIF-owned aviation venture that was initiated in March 2023 to rival well-established carriers from the Gulf region.

With a history dating back to 1945, Saudia boasts a sizeable fleet comprising 93 Airbus and 51 Boeing aircraft, serving over 100 locations globally, as detailed on its official online portal.

The financial aspects of this potential deal remain undisclosed, as the discussions are reportedly at a preliminary phase and may undergo changes, experience delays, or be scrapped altogether.

Tags: Airline AcquisitionPublic Investment Fundsaudi arabiaSaudiaTourism Expansion
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