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PIF plans new cargo airline to take on UAE and Qatar

Middle Eastern carriers reported a 14 percent year-on-year demand growth for air cargo in June, according to Iata Creative Commons
Middle Eastern carriers reported a 14 percent year-on-year demand growth for air cargo in June, according to Iata

Saudi Arabia’s Public Investment Fund (PIF) is planning to launch a new cargo airline to compete with the logistics dominance of the UAE and Qatar, a news report said.

The sovereign wealth fund is in early discussions with Boeing and Airbus about purchasing or leasing freighters, Bloomberg reported, citing informed sources. 

The proposed new cargo operation will support the country’s flag carrier, Saudia, and Riyadh Air, with Boeing 777 and Airbus A350 freighters.

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The report said no final decisions have been made on the cargo airline plans.

Emirates, which is headquartered in Dubai, operates 14 freighters, and plans to more than double its freight capacity over the next decade. Qatar’s airline has 28 cargo jets.

The International Air Transport Association said Middle Eastern carriers reported year-on-year growth in demand for air cargo in June of 14 percent.

The Middle East-Europe market had annual growth of 30 percent, beating the Middle East-Asia sector, which rose 15 percent year on year, Iata said.

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