Saudi Sovereign Fund Close to Spending $35 Billion on Boeing Jets to Launch New Airline

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Saudi Arabia is sparing no expense in its aim to attract to 100 million visitors annually by 2030, with the Boeing order poised to be another in a series of huge investments in its tourism infrastructure.

Saudi Arabia’s Public Investment Fund (PIF) is close to a deal for Boeing Co. commercial jets for the fleet of a new national airline, the Wall Street Journal reported on Saturday, citing people familiar with the matter.

The aircraft order is valued at $35 billion, the report said, adding that the deal could be announced as soon as Sunday during an official launch of the national airline.

The deal includes wide body jets which are often used for long international flights, the report added.

Boeing and Saudi PIF did not immediately respond to a Reuters’ request for comment on the report.

The deal is part of a rapid expansion by the country under a strategy to transform the kingdom into a transport hub and promote tourism.

(Reporting by Akanksha Khushi in Bengaluru; editing by Grant McCool and Franklin Paul)

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