Summary The PIF seeks to establish a new cargo airline with Boeing 777s and Airbus A350 freighters. Saudia is to focus on religious flying while Riyadh Air competes globally against Qatar Airways and Emirates. PIF's new cargo airline will face competition from Emirates & Qatar Airways, who have significant cargo fleets and additional orders.
Saudi Arabia’s Public Investment Fund (PIF) is reportedly looking at establishing a brand new cargo airline, supported by new orders with both Boeing and Airbus according to a recent report by Bloomberg . The PIF acts as the sovereign wealth fund of Saudi Arabia and was set up in 1971 by the country and is currently overseen by Crown Prince Mohammad bin Salman. The report cites unnamed sources that are “familiar with the matter” and notes that the new cargo operation would complement and serve Saudia the flag-carrier, and Riyadh Air the country’s latest airline startup.
Boeing 777s and Airbus A350 freighters Bloomberg’s sources also mention the Boeing 777 and Airbus A350 freighter variants to be of primary interest to the PIF, despite discussions being at an “early stage.” The PIF is not only speaking to the manufacturers but also lessors in an attempt to secure a deal of some kind. Saudi Arabia’s continued push in the aviation industry comes as no surprise as it continues ambitions to invest in industry’s other than oil.
It recently launched Riyadh Air, through which it hopes to compete on a global scale against neighbo.