Mar 18, 07:47 PM

Saudi Wealth Fund Plans Billion-Dollar Bid for National Airline to Spur Tourism

Saudi Arabia's sovereign wealth fund, the Public Investment Fund (PIF), is reportedly in early discussions to acquire the kingdom's flagship airline, Saudia, as part of a strategy to invest billions of dollars into transforming the country into a major tourism destination. This acquisition could see Saudia being privatized or merged with the newly established Riyadh Air as early as next year. The PIF's initiative aligns with Saudi Arabia's ambitious plans to boost its tourism sector, aiming to attract 100 million foreign and domestic visitors annually and increase tourism's contribution to the economy from about 3% to 10%. This effort includes significant investment in developing new tourism hotspots, despite the kingdom facing a persistent public relations challenge among potential travelers, particularly from the West.