Saudia aims to boost subsidiaries’ performance ahead of IPOs

09/11/2015 Argaam

Saudi Arabian Airlines (Saudia) is aiming to boost the performance of its subsidiaries Saudia Cargo, Saudia Aerospace Engineering Industries (SAEI) and Saudia Private Aviation (SPA), before listing the firms on the Saudi Stock Exchange (Tadawul), the carrier’s director-general Saleh Al-Jasser said in a statement.

 

The kingdom’s flagship carrier is planning to increase its fleet from 120 aircraft to 200 by 2020, expand to new destinations and increase its passenger capacity.

 

Earlier this year, Saudia floated 30 percent of Saudi Ground Services (SGS) on the Saudi stock market. Following the initial public offering (IPO), Saudia owns 52.5 percent of SGS’ share capital.

 

The airline has no plans to expand into real estate, Jasser said, adding that it would instead form joint ventures with developers to build Saudi Arabian Airlines City in Jeddah. The project is expected to generate significant income, with the amount set to be announced once all required licenses are obtained.

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