Saudi Arabia’s sovereign wealth fund is in exploratory talks to line up Boeing Co. and Airbus SE freighters for a new cargo airline, as it looks to turn the kingdom into a logistics hub to rival Dubai and Doha.
The cargo-hauling operation would serve flag-carrier Saudia and startup Riyadh Air, according to people familiar with the matter, who asked not to be identified as the talks are private. The Public Investment Fund is in discussions with both planemakers and lessors to acquire Boeing 777 and Airbus A350 freighters, the people said.