The Saudi sovereign wealth fund Public Investment Fund (PIF) plans to create a major airline in partnership with other investment bodies.
The new airline will compete with Saudi Airlines and other major carriers in the region, according to the online newspaper Maaal reported, citing unidentified people.
The company will provide international and domestic flights. The project has come a long way in its study, the report adds.
The state-owned Saudi Arabian Airlines is the kingdom’s largest airline. Others include the low-cost airline Flyadeal, owned by Saudi Arabian Airlines, and Flynas, owned by Prince Alwaleed Bin Talal Al Saud’s Kingdom Holding.
PIF recently launched its five-year strategy, including its 2021-2025 Vision Achievement Program (VRP).
Among the most important initiatives, PIF will invest a minimum of $ 40 billion per year in domestic projects and investments, contribute $ 320 billion to non-oil GDP through its portfolio companies, bring assets under management to more than $ 1.07 trillion and will create $ 1.8 million direct and indirect jobs by the end of 2025.
Read: Saudi Public Investment Fund launches 5-year strategy; assets tripled to $ 400 billion
In December of last year, PIF reshuffled some of its senior executives for a bigger role in the local economy.
Read more: Saudi $ 360 billion PIF sovereign wealth fund reorients its leaders
With contributions from Bloomberg