Boeing 787 Dreamliner Saudi Arabian. Aircraft to Fiumicino Leonardo da Vinci Airport. Fiumicino (Italia), Nov. 11, 2021
Massimo Insabato/Archivio Massimo Insabato/Mondadori Portfolio via Getty Images
Saudi Arabia’s behemoth sovereign wealth fund is in talks to purchase the dominion’s national airline Saudia, Bloomberg reported over the weekend, citing people aware of the matter.
The reported move for the Public Investment Fund (PIF), which oversees $925 billion in assets, would track with its goals to take a position heavily in tourism and transport assets, because it goals to show Saudi Arabia right into a tourist hub and diversify its economy away from oil.
In line with the initial report, the acquisition would see the PIF take over the airline’s ownership from the federal government to extend its efficiency and talent to make profit. It could then either be privatized or merged with Riyadh Air, a separate airline owned by the PIF and launched in March 2023 to compete with other more established Gulf airlines.
Founded in 1945, Saudia has a fleet of 144 aircraft — 93 Airbus planes and 51 made by Boeing — and flies to greater than 100 destinations, based on its website.
It will not be yet known how the airline could be valued. Talks are said to be in early stages, and might be delayed or axed altogether, Bloomberg reported.
