Saudi Arabia’s Public Investment Fund (PIF) is discussing acquiring state-backed Saudia airline, as the Kingdom focuses on bolstering its tourism sector, Bloomberg reported, citing informed sources.
 
The deal, if finalised, will grow the sovereign wealth fund’s aviation assets by early 2025 and help improve Saudia’s efficiency and profitability, the report said.
 
The airline could be privatised or merged with PIF-owned Riyadh Air, Bloomberg added.
 
The value of the deal is unclear.
 
Saudia has a fleet of more than 142 aircraft and connects to over 90 destinations worldwide.
 
The plan may be delayed or abandoned, sources told the news agency.
 
Last year, the two Saudi carriers collaborated on an order of 78 Boeing Co. 787 Dreamliners, valued at almost $37 billion.

In January, Minister of Tourism Ahmed Al-Khateeb said that Saudi Arabia aims to attract 150 million visitors by 2030 and that the tourism sector will contribute SAR 750 billion to the national economy.

(Editing by Seban Scaria seban.scaria@lseg.com)