The privatization of Saudi Arabian Airlines (Saudia) is in the final stages and would be completed shortly, a report said quoting Prince Fahd bin Abdullah, President of the General Authority of Civil Aviation and Chairman of the airline's Board of Directors.

Speaking after witnessing the signing of an agreement for the privatization of the Saudi Aerospace Engineering Industries (SAEI), Prince Fahd said that Saudia has sold 30% of its stake in SAEI to Tarabut Aircraft Maintenance Company, an affiliate of Integrated Transport Company (ITC).

The Saudia Chief underscored the desire of investors to participate in Saudia's privatization process.

“This strategic partnership will have great benefits for the Kingdom as well as investors. This is a model of successful partnership between the public and private sectors,” he added.

Meanwhile, Qatar Airways and Gulf Air, which are licensed to operate domestic flights in Saudi Arabia, will start their operations in the next three months after completing some procedures and opening their offices in the Kingdom, the report quoted him as saying.