UK’s Global Airlines Reportedly Seeks Saudi Investment Backing

UK-based start-up Global Airlines is reportedly in talks with Saudi Arabia’s Kingdom Holding Company over a potential ownership stake, according to Aviation Week. The investment could help the airline expand its Airbus A380-800 fleet from one to four aircraft. Kingdom Holding, a Middle Eastern investment group, has not confirmed its interest, and neither party responded to inquiries from ch-aviation.

Global Airlines acknowledged ongoing discussions with several entities via its LinkedIn profile but did not name any specific organizations. “We are in talks with various organisations about our future across different areas, including finance,” the company said.

The report also suggested that the Saudi investment might push the airline to shift from scheduled transatlantic flights to ACMI (Aircraft, Crew, Maintenance, and Insurance) operations focused on Hajj services. However, Global Airlines strongly denied any change in its business strategy, reaffirming its commitment to launching scheduled services in the future.

The news follows a recent announcement by Knighthood Global, a consultancy and investment firm, about its intention to acquire a stake in Global Airlines. Knighthood is already advising the start-up on strategic planning.

Global Airlines is majority-owned by Ihtg Limited, formerly Holiday Swap Group Limited, which holds over 75% of the company. James Asquith, founder and CEO of Global Airlines, is the primary shareholder.

The airline operated its first A380 flight from Glasgow to New York JFK on May 15 through Hi Fly Malta, its ACMI partner. The aircraft is currently stored in Dresden as the company continues efforts to secure a UK Air Operator’s Certificate.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com