Saudi Arabia's Public Investment Fund is in talks to buy jets from two major aviation manufacturers, Boeing and Airbus, for a new cargo airline initiative. According to a report by Bloomberg News on Tuesday, the state-owned investment fund is considering the purchase of Boeing 777 and Airbus 350.
The new cargo airline will primarily support the operations of Saudia ⁇ , the country's flag carrier, as well as Riyadh Air ⁇ in, a new airline initiative. The Public Investment Fund's interest in these aircraft from Boeing and Airbus, traded at NYSE:BA ⁇ , underscores the kingdom's commitment to expanding its aviation footprint.
The supply of these jets will strengthen Saudi Arabia's logistics and transport capabilities and will be in line with broader economic diversification efforts. Financial details of a specific number of aircraft or potential deals have not been disclosed at this time.
Reuters contributed to this article.
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