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Saudi Arabia's massive wealth fund is in talks to acquire national airline Saudia: Report

·1 min

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is reportedly in talks to purchase Saudia, the kingdom’s national airline. The PIF, which oversees $925 billion in assets, is looking to invest heavily in tourism and transport assets as part of its efforts to diversify the country’s economy away from oil. The acquisition would allow the PIF to take over ownership of the airline from the government and increase its efficiency and profitability. The future of Saudia could involve privatization or a merger with Riyadh Air, a separate airline owned by the PIF. The discussions are in early stages, and the valuation of the airline is yet to be determined.