PIF nears whopping Boeing jets deal to launch new airline: Report

Logo of the Public Investment Fund (PIF)

Saudi Arabia's Public Investment Fund (PIF) is nearing a deal to order $35 billion worth of Boeing commercial jets for the fleet of a new national airline, the Wall Street Journal (WSJ) reported on March 11, citing sources in the know.

The fund, according to the sources, is likely to announce the deal as soon as today, March 12, during an official launch of the national airline.

The order includes wide-body jets, which are often used in long-haul international flying, they added, indicating that it may involve as many as 100 airplanes or more.

Aircraft deals can include a mix of confirmed orders and options to buy more later.

In October 2022, PIF’s Governor Yasser Al-Rumayyan expected the first flight of the fund's new airlines to take off in 2024, noting the airline's aircraft fleet model will be limited to one or two at most, according to Argaam’s data.

During the same month, PIF was reportedly said to be in talks with Boeing Co. and Airbus SE to order about 80 jets — the first aircraft purchase for its new national airline.