Saudi Arabia wealth fund Public Investment Fund (PIF) is mulling plans to launch a major airline to rival regional carriers, in collaboration with other investment entities, Bloomberg reports citing local online Maaal newspaper.
The news broken by unidentified people reveals that the future airline will operate international and domestic flights.
The project is under study, Gulf Business further notes.
The kingdom’s current flagship carrier is Saudi Arabian Airlines and the Gulf country is also home for low-cost carrier Flyadeal, owned by Saudi Arabian Airlines, and Flynas, owned by Prince Alwaleed Bin Talal Al Saud’s Kingdom Holding.
PIF was launched in December 2020 in a move that aims to further improve and develop the private security sector in the Kingdom.
It also launched recently its five-year strategy, including its Vision Realization Program (VRP) 2021-2025.
The fund expects to invest a minimum of $40bn annually in domestic projects and investments, contribute $320bn to non-oil GDP cumulatively through its portfolio companies, grow assets under management to over $1.07 trillion, and create 1.8 million direct and indirect jobs by the end of 2025.
Saudi public fund to launch major airline
