An Etihad Airways jet can be seen parked at the terminal on March 21, 2017 at John F. Kennedy International Airport in New York. AFP / DON EMMERT
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Airports will be turned into companies before being handed over to the Public Investment Fund, to help improve accountability, Faisal al-Sugair, chairman of Saudi Civil Aviation Holding Co., said in a phone interview.The wealth fund will take over Saudi Civil Aviation Holding, which will act as an umbrella company for the airport operators, Sugair said.The kingdom also has plans to transfer ownership of oil giant Saudi Arabian Oil Co. and proceeds from that company's initial public offering to the fund.Airport stakes will be sold off when the operating companies have become stabilized, which could be before they are handed over to the wealth fund, Sugair said.
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