Concerns raised over possible Saudi majority ownership of Heathrow Airport
Saudi Arabia could be on the verge of acquiring a majority stake in Heathrow Airport.
The Kingdom’s Public Investment Fund (PIF) and asset management firm Ardian recently inked a £2.4bn deal for a 25% stake from Spain based Ferrovial.
Ardian is backed by PIF.
Now, there is speculation other shareholders are close to selling their stakes to Saudi.
The PIF has a huge war chest of assets worth over half a trillion pounds, with a big tourism portfolio.
The prospect has worried some MPs.
Former shadow chancellor John McDonnell said: “Heathrow is a strategic resource and so I am naturally concerned about an asset like this.”
Heathrow is in his Hayes and Harlington constituency.
The concerns stem mostly from Saudi’s human rights record.
Felix Jakens, head of campaigns at Amnesty International UK, said: “Companies must not get dazzled by the billions Saudi Arabia spends on sportswashing and other investments.”
“Businesses must safeguard against any possible links to human rights violations.”
The Saudis have spent heavily to establish a cruise tourism development agency and a new yet to launch airline, Riyadh Air with big ambitions.
Heathrow declined to comment on the speculation.
The Qatar Investment Authority also holds a stake in the Heathrow Airport parent company.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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