Saudi Arabia plans to convert its airport operators into holding companies and transfer them to its powerful sovereign wealth fund for possible privatization for some, the head of the General Civil Aviation Authority said on Monday. ‘Saudi Arabia.
Abdulaziz Al Duailej told Saudi society Asharq Al Awsat newspaper that Abha International Airport is put on “the road to privatization” and is going through the latest technical and economic studies.
Taif and Qassim airports are also being offered for privatization, he said, adding that requests for investment in the Kingdom’s aviation sector are under consideration.
The 22 airports in the Kingdom will be set up as airport holding companies, which will oversee construction, operation and management. They will then be transferred to the Public Investment Fund (PIF) to “be put on the market at a later date,” the newspaper said.
The PIF is at the center of Saudi Arabia’s Vision 2030 plans to transform the economy and reduce its dependence on oil.
Investments in the Saudi aviation sector, including in airports, freight, catering, maintenance and ground services, will be offered to local and foreign investors, Duailej said. Asharq Al Awsat.
Saudi Arabia aims to serve 330 million air passengers by 2030, more than triple the 100 million in 2019, he said.
The oil-rich Kingdom’s aviation strategy includes expansion of existing airports and a concentration on two major airports in Riyadh and Jeddah, as well as plans to set up a new national carrier.