Aviation

Saudi Arabia’s National Airline Saudia Could Fall Under PIF Ownership

According to the report, the Public Investment Fund (PIF) of Saudi Arabia, the country’s sovereign wealth fund, is reportedly in talks to buy the national airline Saudia.

An important milestone for one of the oldest airlines in the Middle East, this prospective transfer of ownership would also apply to other businesses owned by Saudia, including as its low-cost subsidiary Flyadeal. The action is considered a component of a larger plan to strengthen the PIF’s aviation portfolio by the beginning of 2025, which might improve Saudia’s financial results and operational effectiveness.

There have also been proposals that the airline might be privatized or combined with Riyadh Air, which is already controlled by the PIF. Saudia now has a sizable fleet of over 142 aircraft and serves more than 90 locations worldwide, while the exact value of the deal is still unknown.

However, sources caution that the plan may encounter delays or even be abandoned altogether. The establishment of Riyadh Air is consistent with the PIF’s larger goal of utilizing important industries to promote Saudi Arabia’s economic diversification. Based on projections, it is possible that Riyadh Air will generate billions of dollars in value and hundreds of thousands of jobs, making it a major contributor to the kingdom’s non-oil GDP.

Recently, The UK-based construction company Mace has been selected as the delivery partner for King Salman International Airport (KSIA) in riyadh. When KSIA opens in 2030, it will be the largest airport in the world, marking a significant milestone for the aviation industry.

By 2030, the airport is forecasted to facilitate a substantial increase in annual passenger traffic, skyrocketing from 29 million to a staggering 120 million travelers. Moreover, aircraft traffic within the kingdom is anticipated to surge from 211,000 to over 1 million flights per year following the airport’s inauguration.

Aviation

Boeing, Antonov to Collaborate on Defense Projects

– MOU represents Boeing’s commitment to work with Ukrainian industry

– Includes exploring opportunities for collaborating on in-country support of Unmanned Aerial Systems

A Memorandum of Understanding was signed today by Boeing and Antonov Company to investigate potential collaboration on defense-related projects.

“We’re happy to keep collaborating with the Antonov Company to help Ukraine’s economic development and expansion,” stated Ted Colbert, CEO and president of Boeing Defence, Space, & Security.

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“This agreement demonstrates our ongoing efforts to find more opportunities to work with Ukrainian industry, which was underscored by our signing of the Ukrainian Defence Industry Compact earlier this year.”

The areas of potential collaboration identified in the agreement consist of training, logistical support and overhaul services for tactical Unmanned Aerial Systems utilized by the Ukrainian Armed Forces, which includes the ScanEagle. In addition, the companies will also explore opportunities for Antonov to provide engineering support to Boeing.

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“A strong, innovative, and efficient defense industry is key to sustainable economic development and national security, and we are extremely excited to collaborate with Boeing,” said Ievhen Gavrylov, CEO of Antonov Company.

This agreement brings a whole new level of opportunity to implement the latest and most effective solutions – in addition to the possibility of future projects with Boeing in the aerospace and defense industry.”