Saudi Arabia is in advanced negotiations to order almost 40 A350 jets from Europe's Airbus as part of strategic efforts to launch a new airline and challenge heavyweight carriers in the Gulf, industry sources said.
A Airbus A350 aircraft during a display at the Farnborough International Airshow, in Farnborough, Britain, July 20, 2022. REUTERS/Peter CziborraPARIS/DUBAI, Oct 23 - Saudi Arabia is in advanced negotiations to order almost 40 A350 jets from Europe's Airbus
If confirmed, the purchase by the sovereign Public Investment Fund , worth $12 billion at list prices, could be announced as early as this week when Riyadh hosts a major forum, the Future Investment Initiative , the sources said.would also seize part of a substantial shopping list for the new airline, which will be named RIA, the sources said. One source familiar with the negotiations cautioned that it was "not over yet.
The FII is a showcase for Crown Prince Mohammed bin Salman's Vision 2030 plan to wean the economy off oil by creatingthat also generate jobs for millions of Saudis, and to lure foreign capital and talent.