PIF in early talks to buy Saudia: Report

Logo of Public Investment Fund (PIF)

The Public Investment Fund (PIF) is in early talks to acquire Saudi Arabian Airlines Co. (Saudia), Bloomberg reported, citing sources.

The fund will assume ownership of the national carrier instead of the government, with the aim of enhancing its efficiency and profitability, sources told the newswire, adding that Saudia may be privatized or merged with Riyadh Air, which PIF has previously launched.

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The sources added that it is unclear how the carrier will be evaluated by the PIF, to which the government previously transferred assets in preparation for privatization.

No final decisions have been taken with regard to the acquisition, the sources said, noting that talks are still in their early stage and the process may be pushed or abandoned.