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Saudi Arabia is partially buying this UK airport: Details inside

06:16 PM | 30 Nov, 2023
Saudi Arabia is partially buying this UK airport: Details inside

RIYADH - The authorities in Saudi Arabia have decided to expand their footprint across Europe in the aviation industry through a unique purchase.

Saudi Arabia's sovereign wealth fund is set to purchase a 10% ownership stake in London's Heathrow Airport, Europe's busiest airport. 

Interestingly, the acquisition involves Saudi authorities acquiring the share from Spain's Ferrovial, while Paris-based Ardian will obtain a 15% stake, amounting to £2.37 billion ($3 billion).

The transaction is orchestrated by the Public Investment Fund (PIF), overseen by the kingdom's crown prince Mohamed bin Salman who has also launched a new airline and is also spearheading the Vision 2030 project of the kingdom under which a new city Neom would also be set up.

The Spanish Ferrovial has held its stake since 2006 but Saudis would now be having their share subject to some regulatory conditions.

Heathrow's parent company TGP Topco has a diverse ownership structure with many players from the Middle East having stakes in the facility.

According to Airports Council International (ACI), Heathrow Airport is the 8th busiest airport in the world, witnessing 61,614,230 passengers last year compared with 19,395,287 in 2021; the airport is not in profit and stats confirm that it has more than £14 billion (approximately $17.7 billion) in debt.

The buying of stakes in the airport seems to be the plan of the ambitious crown prince known as MBS who had also announced the launching of a new national airline, Riyadh Air, with Tony Douglas as its chief executive.

The kingdom moves to compete with regional transport and travel hubs and for the same purpose, it seems to be exploring new markets and facilities.

Riyadh Air will serve more than 100 destinations around the world by 2030, making use of the kingdom's location between Asia, Africa and Europe, as per state news agency of the kingdom.

Saudi's Public Investment Fund is one of the world's most active sovereign wealth funds and has over $700bn in assets due to the kingdom's reliance on oil.

Daily Pakistan Global Web Desk

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Pakistani rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 27 Feb 2024

Pakistani currency remains largely stable against US dollar in the open market on February 27, 2024 (Tuesday).

US Dollar rate in Pakistan

In the open market, the US dollar was being quoted at 279.4 for buying and 282.3 for selling.

Euro currently stands at 303 for buying and 306 for selling while British Pound rate stands at 351.5 for buying, and 355 for selling.

UAE Dirham AED hovers at 76 whereas the Saudi Riyal saw slight increase, with new rates at 76.7.

Today’s currency exchange rates in Pakistan - 27 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279.4 282.3
Euro EUR 303 306
UK Pound Sterling GBP 351.5 355
U.A.E Dirham AED 76 76.7
Saudi Riyal SAR 74.2 75
Australian Dollar AUD 181 183
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207 209
China Yuan CNY 38.82 39.22
Danish Krone DKK 40.56 40.96
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.49 59.09
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.36
 
26.66
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207 209
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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