Saudi Arabia's PIF explores acquiring Saudia, its flagship carrier, for tourism growth and economic diversification.
Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is in early talks to acquire the nation's flagship carrier, Saudia, as part of efforts to transform the country into a major tourism hotspot. The PIF is considering taking over Saudia's ownership from the government with the aim of improving efficiency and profitability. The carrier could then potentially be privatized or merged with Riyadh Air, another airline being set up by the PIF. The acquisition is part of the PIF's strategy to invest in tourism and transport assets, aiming to diversify Saudi Arabia's economy away from oil dependence and attract more foreign currency.
March 17, 2024
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