Saudi Alwafeer plans IPO

11 October 2009

Adnan Dabbagh, chief executive of Alwafeer Air, Saudi Arabia's first airline for pilgrims, has said that the carrier plans to hold an initial public offering within the next two to three years, Reuters has reported. The Jeddah-based airline, which is owned by Saudi companies including the Bin Laden Group and the Naghi Group, obtained an operating licence on October 4 and is expected to start flying during the Hajj season in November. The carrier has leased three Boeing 747 planes from Malaysian Airline Systems for the next six years and may expand its fleet to eight planes in the next three years.

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