Saudi PIF plans to set up major airline company: report

The Saudi Public Investment Fund (PIF) plans to establish a major airline company to compete with the state-owned Saudi Arabian Airlines and other major aviation companies in the region, reported Saudi Gazette.

 

The Saudi sovereign wealth fund, in collaboration with investment entities, has made major headway in the formation of the company that targets to tap the vast opportunities in the aviation sector along with the kingdom’s plan to attract as many as 100 million visitors and tourists annually by the year of 2030, according to a report, carried by Maaal online business newspaper.

 

The new airline will operate both international and domestic flights; the newspaper reported quoting sources, who requested anonymity.

 

“The project has come a long way in its studies, but it is not yet in the final shape,” they said.

 

With this move, the Saudi wealth fund seeks to tap the huge potential of the travel industry with the vast opportunities expected to be laid open with the world’s success of stemming the spread of coronavirus pandemic along with a huge increase in the number of those who receive vaccine shots in the near future.

The idea of the new airline company is based on exploring the prospect of increasing the aviation sector’s contribution to the gross domestic product (GDP) by increasing competition, making available of more flight seat capacity, by launching companies with huge competitive capabilities, the sources said.

 

Source: https://www.zawya.com/mena/en/business/story/Saudi_PIF_plans_to_set_up_major_airline_company_report-SNG_200667364/

 

Share this page Share on FacebookShare on TwitterShare on Linkedin
Close

Listen to 'Radio FCCIB' Videos & Podcast

Radio FCCIB is the new program launched by the French Chamber of Commerce & Industry in Bahrain, asking 3 questions to its members