An “Egyptian investor” is looking to acquire 100% of Saudi airline Nesma within weeks, CEO Ashraf Lamloum told Enterprise, confirming a report published by Amwal Al Ghad earlier this week. Lamloum expects the acquisition to be finalized this month, adding that negotiations are still ongoing. He did not disclose the identity of the investor, the value of the transaction, or its financial advisors.

Saudi’s Nesma Group is the majority shareholder of Nesma Airlines, which operates international flights between Saudi Arabia and Egypt. It was founded in 2007, according to its website.

The aviation industry was hit hard by the pandemic, and Nesma Airlines was no exception. The transaction could help the airline resume operations, which were halted “recently” due to high costs and covid-related travel restrictions, Lamloum said.

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