Riyadh - Sharikat Mubasher: The Saudi Public Investment Fund (PIF) is in early talks to buy Boeing 777 and Airbus A350 jets for a new cargo airline, in a move to transform the Kingdom into a global logistics hub.

The cargo-hauling operation would serve the national flag carrier Saudia and Riyadh Air, the new digitally-native carrier, people familiar with the matter told Bloomberg.

This move aligns with the PIF’s strategy to drive sustainable economic transformation and diversification in Saudi Arabia.

It is worth noting that the PIF’s gross AUM recorded SAR 2.87 trillion by the end of 2023, making a 29% increase compared to SAR 2.23 trillion as of year-end 2022.