Saudi Arabian Airlines Director General, Khaled Al-Molhem, stated the privatisation of the carrier is progressing as planned and that its core aviation unit may be privatised within 24 months (Arab News, 09-Mar-2010). The carrier signed an MoU with Al-Ahli Capital and Morgan Stanley to act as financial advisers for the privatisation process on 09-Mar-2010. Mr Al-Molhem added privatisation of the carrier’s catering and cargo units has been successful, with a consortium of Abdul Mohsen Al-Hokair Tourism and Development, Fowzan Holding and Newrest Group purchasing a 49% stake in Saudi Catering and Tarabut Air Freight Services purchasing a 30% stake in Saudia Cargo. Its maintenance unit is expected to be privatised by the start of 2011 at the latest.
11-Mar-2010 2:41 PM