Saudi GACA to be made holding company, ownership moved to PIF: report

04/01/2017 Argaam

Saudi Arabia is planning to turn the General Authority of Civil Aviation (GACA) into a holding company and transfer its ownership to the Public Investment Fund (PIF), Al-Hayat newspaper reported, citing unnamed sources.

 

Additionally, the ownership of all land and airports under GACA will be transferred to the holding company, except for land that is set aside for commercial development and potential expansions.

 

PIF officials could not immediately be reached for comment when contacted by Argaam.

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