Saudi sovereign fund in talks to buy national airline

Saudi sovereign fund in talks to buy national airline

Saudi Arabia’s Public Investment Fund (PIF) is in discussions to acquire the kingdom’s national airline, according to reports on Monday. The $940 billion sovereign fund is looking to add Saudia, formerly known as Saudi Arabian Airlines, to its portfolio and a deal could be completed as soon as next year, according to a report by […]Saudi Arabia’s Public Investment Fund (PIF) is in discussions to acquire the kingdom’s national airline, according to reports on Monday.

The $940 billion sovereign fund is looking to add Saudia, formerly known as Saudi Arabian Airlines, to its portfolio and a deal could be completed as soon as next year, according to a report by Bloomberg, quoting unnamed sources.

Saudia is currently under the ownership of the Saudi government, but the article suggests a purchase by PIF could see the 80-year-old airline merge with Riyadh Air, which is owned by the wealth fund.

Saudia is based in Jeddah and operates its main hub from the city’s King Abdulaziz International Airport and King Khalid International Airport in Riyadh. 

The airline carried more than 30 million passengers in 2023, a 21 percent year-on-year increase on higher seat capacity and flight frequency.

Saudia operates flights to more than 100 destinations across four continents