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Saudi To Boost Privatization Plan For 29 Airports

Saudi to boost privatization plan for 29 airports

Saudi to spice up privatization plan for 29 airports

Saudi Arabia is relaunching the privatization of its airports in an effort to diversify the Kingdom’s oil-dominated financial system and safe funding because it seeks to triple annual customer numbers by 2030.

Ownership of the 29 airports has already been moved to a brand new entity, Matarat, with a view to put together them for the method. An worldwide investor roadshow may begin within the subsequent 12 to 18 months.

The Kingdom’s tourism push is a part of a technique introduced by Crown Prince Mohammed bin Salman to scale back reliance on the world’s largest crude oil exports. As a part of the plan, Saudi Arabia can also be seeking to launch a brand new worldwide airline based mostly in Riyadh, separate from the prevailing service Saudia, and owned by its sovereign wealth fund, the Public Investment Fund.

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