Saudi Investment Group Shows Interest in Global Airlines

A well-known Saudi investment group, Kingdom Holding Company, is considering purchasing an ownership stake in Global Airlines (London City). This potential investment would allow the British start-up to expand its fleet from one to four A380-800 aircraft, according to a source familiar with the matter as reported by Aviation Week.

Global Airlines has confirmed on its LinkedIn profile that they are currently in talks with various organizations regarding their future, including financial aspects. However, they have not confirmed if Kingdom Holding Company or any other entity is specifically interested in acquiring an ownership stake.

Both Kingdom Holding Company and Global Airlines did not respond to requests for comments from ch-aviation.

The report also mentioned that this investment would lead Global Airlines to shift its focus from scheduled flights across the Atlantic to the ACMI market, primarily focusing on Hajj operations. However, the start-up has strongly denied this claim.

In response to the report, Global Airlines stated on their LinkedIn profile that they have no plans to change their strategy and become an ACMI operator. They still have their sights set on becoming a scheduled airline in the future, but acknowledge that there are still obstacles to overcome on that journey.

The news about a potential Saudi investment in Global Airlines comes just a month after Knighthood Global, a consultancy and investment firm, announced their plans to acquire an ownership stake in the British start-up. Knighthood Global was hired by Global Airlines to provide key strategic advice and support.

Currently, Ihtg Limited (formerly known as Holiday Swap Group Limited) owns over 75% of the company’s shares. The majority owner of Ihtg Limited is James Asquith, the founder and chief executive of Global Airlines. While the other shareholders remain undisclosed.

Global Airlines launched its first flight from Glasgow International to New York JFK on May 15. As they do not have an Air Operator Certificate (AOC), the flight was operated by their ACMI partner, Hi Fly Malta. After completing another flight between Manchester and New York, the A380-800 (registered as 9H-GLOBL and with a manufacturer serial number of 120) was flown to Dresden on May 26 and is currently in storage.

The company has plans to obtain a UK AOC in the future, but no specific timeline has been announced.