Saudi to transfer airports to sovereign fund in privatization drive

Saudi to transfer airports to sovereign fund in privatization drive:

"Saudi Arabia plans to transfer ownership of all its airports to its main sovereign wealth fund, the Public Investment Fund, as part of a drive to privatize them, a senior aviation official said on Monday. Companies will be set up for each airport under Saudi Civil Aviation Holding, a spin-off from the General Authority of Civil Aviation (GACA), which will continue to regulate the industry, state news agency SPA quoted Mohammed al-Shetwey, aide to GACA's president for financial affairs, as saying. "The process of establishing companies will continue for all airports, and the civil aviation holding company in the future will be 100 percent owned by the Public Investment Fund," Shetwey said."



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