Saudi Arabia's behemoth sovereign wealth fund is in talks to buy the kingdom's national airline Saudia, Bloomberg reported over the weekend, citing people familiar with the matter.
According to the initial report, the acquisition would see the PIF take over the airline's ownership from the government to increase its efficiency and ability to make profit.
Founded in 1945, Saudia has a fleet of 144 aircraft — 93 Airbus planes and 51 made by Boeing — and flies to more than 100 destinations, according to its website.
It is not yet known how the airline would be valued.
Talks are said to be in early stages, and could be delayed or axed altogether, Bloomberg reported.
Persons:
Saudia, Boeing —
Organizations:
Saudi, Saudia, Bloomberg, Public Investment Fund, Riyadh Air, Airbus, Boeing
Locations:
Saudi Arabia