PIF explores buying aircraft for new air cargo airline: Report

The Public Investment Fund (PIF) is in talks to buy aircraft from Boeing and Airbus to establish a new air cargo company, Bloomberg reported, citing sources.

The new cargo company will serve flag-carrier Saudia and Riyadh Air, the report said. The sovereign wealth fund is discussing with aircraft manufacturers and lessors to acquire Boeing 777 and Airbus A350 cargo planes.

The talks are in the early stages, with no final decisions made yet, the report said. PIF could delay or cancel the plans.