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The country is resuming privatization of its airports in a bid to diversify Saudi Arabia’s oil – dominated economy and secure investment. Ownership of 29 airports has been transferred to a new entity, Matarat, for processing. An international investment road show could start in the next 12 to 18 months.
The move to the country’s tourism is part of a strategy announced by Crown Prince Mohammed bin Salman to reduce reliance on the world’s largest crude oil exports.
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As part of the plan, Saudi Arabia is also considering launching a new international airline based in Riyadh, which is owned by the Sovereign Wealth Fund’s Public Investment Fund, in contrast to its existing airline, Saudi Arabia.
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