Saudi Arabia may be considering launching a new all-cargo airline, according to a Bloomberg report published on August 20, 2024, citing unnamed sources familiar with the project.
Little is currently known about the initiative, which is reportedly being considered by the Public Investment Fund (PIF), the kingdom’s sovereign wealth fund.
According to the report, PIF is in talks with Airbus and Boeing to secure cargo aircraft for this hypothetical new venture.
The new cargo operator would provide services to the two airlines already owned by PIF: the existing national carrier Saudia and the soon-to-be-launched airline Riyadh Air.
By investing in air freight capacity, the Saudi authorities are implementing the strategy already pursued in the logistics sector to position the country as an important hub in the global aviation market, in direct competition with neighboring hubs in the Gulf region.
Saudi Arabia’s Vision 2030 program envisages investments of up to $100 billion in a wide range of aviation and transport projects, including new airport infrastructure, new airlines and an ambitious plan to lead the rollout of modern air mobility networks in the country.
