{"id":84465,"date":"2024-03-18T00:00:00","date_gmt":"2024-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/18\/the-pif-wants-to-buy-saudia\/"},"modified":"2024-03-18T00:00:00","modified_gmt":"2024-03-18T00:00:00","slug":"the-pif-wants-to-buy-saudia","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/18\/the-pif-wants-to-buy-saudia\/","title":{"rendered":"The PIF wants to buy Saudia"},"content":{"rendered":"

PIF wants to take <\/strong>Saudia<\/strong>:<\/strong> The Public Investment Fund (PIF) is reportedly in early talks to acquire the Kingdom\u2019s national carrier Saudia<\/a> as soon as next year to add it to its aviation assets portfolio, Bloomberg<\/a> reported yesterday, citing sources close to the matter. <\/p>\n

What we know: <\/strong>The ownership of the flagship airliner would be taken over by PIF from the government with the intention of improving its efficiency and net income, the sources said. The flagship carrier could be either privatized or merged with Riyadh Air<\/a> \u2014 a second flagship carrier being set up by PIF, they added.<\/p>\n

Details are still scant:<\/strong> There is no clarity as to how Saudia would be valued by PIF \u2014 which has in the past been given state assets in straight transfers \u2014 as part of preparation for privatization, according to Bloomberg. Talks are preliminary and it\u2019s entirely possible that the transaction doesn\u2019t go forward.<\/p>\n

The PIF wants Riyadh Air to be the Gulf airlines boss: <\/strong>The sovereign wealth fund launched Riyadh Air in March last year<\/a> as it looks to challenge its regional rivals Emirates and Qatar Airways. It is set to kick off its operations next year and has a target of operating flights between 100 destinations by 2030. Saudia will also bid adieu<\/a> to capital Riyadh by 2030 to make way for Riyadh Air and will instead shift its focus towards operations in Jeddah\u2019s King Abdulaziz International Airport.<\/p>\n

One for pilgrims, another for tourists:<\/strong> If the plan materializes, Saudia would shift focus on transporting pilgrims to holy sites, while Riyadh Air will focus on tourists, including international transit passengers, Reuters<\/a> reported yesterday, citing two sources close to the talks. The transfer of ownership would also include Saudia-owned budget carrier flyadeal, the sources said.<\/p>\n

REMEMBER-<\/strong> The Tourism Ministry recently more than doubled<\/a> its target for 2030, hoping now to be host to 150 mn tourist trips after it hit its target last year ahead of schedule. The new 2030 target sees 80 mn by domestic travelers and 70 mn by international travelers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Privatization of the national carrier could be on the cards<\/p>\n","protected":false},"author":1,"featured_media":84466,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2575],"tags":[10,14,154,353,2766],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84465","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ma-watch","tag-enterpriseam-ksa","tag-ma-watch","tag-pif","tag-riyadh-air","tag-saudia","wpautop","entry"],"acf":{"mongo_id":"8cb34099-b080-4684-a0e2-3a2488ce9c9c","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1468.jpg","photo_position":"above","homepage_title":"","full_issue_title":"PIF eyes acquisition of Saudia as part of privatization drive","related_issue":[84460],"teaser":"Privatization of the national carrier could be on the cards","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.4043d25e-c885-4c7d-8a65-70e9d03a1f51.mp3"},"yoast_head":"\nThe PIF wants to buy Saudia - 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