Arab News

RIYADH: Saudi Arabia’s sovereign wealth fund is in preliminary discussions to acquire the Kingdom’s flagship airline as part of its efforts to develop the country into a tourist destination.

The Public Investment Fund is considering adding Saudia to its aviation portfolio as early as next year, with plans to invest billions of dollars, Bloomberg reported.

According to insider information, PIF would acquire the airline from the government with the aim of enhancing profitability and efficiency, the report added.

Furthermore, following the acquisition, the carrier may potentially be offered for sale or integrated with Riyadh Air, a new airline being established by the sovereign wealth fund.