Saudi Arabia says it will transfer airports to sovereign wealth fund ahead of privatization

Saudi Arabia, in the midst of a massive reform program to wean itself off relying heavily on oil revenues, said it plans to transfer ownership of its airports to its sovereign wealth fund with the view to privatize them.

Under the plan, each airport will be transferred to a separate company ahead of being sold off, the report said. The country’s sovereign wealth fund is called the Public Investment Fund.

Mohamed Bin Abdel Aziz el Shitwy, an assistant to the financial affairs head of the General Authority of Civil Aviation, said the move was being done to relieve the government of the responsibility of expanding airports and help create jobs, state-run Saudi Arabian news agency SPA reported.

Source Credit: The National
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