Sources: PIF is in talks to acquire Saudi Airlines

Sources reported that the Public Investment Fund is in talks to acquire Saudi Airlines. The company will be added to the fund’s growing portfolio of aviation assets as soon as next year, according to people familiar with the matter, who requested anonymity because the information is unconfirmed, Bloomberg said.

In March 2023, the Public Investment Fund announced the establishment of “Riyadh Air” Company, the new national air carrier, to contribute to the development of the air transport sector and to enhance the Kingdom’s strategic position that connects three of the most important continents of the world. Asia, Africa and Europe, and working to raise the competitiveness of national companies in accordance with the goals of Saudi Vision 2030.

The establishment of “Riyadh Air” comes in line with the Public Investment Fund’s strategy to unleash the potential of promising sectors locally to support diversification of the economy, as “Riyadh Air” is expected to contribute to the growth of the Kingdom’s non-oil gross domestic product with a value of up to 75 billion riyals and the creation of more than 200 thousand Direct and indirect job opportunity.

“Riyadh Airlines” and King Salman International Airport are among the latest investments of the Public Investment Fund in the aviation sector, aiming to raise the financial sustainability of the aviation sector system and enhance its global competitiveness in order to achieve the goals of Saudi Vision 2030.