Saudi Arabia's sovereign wealth fund is set to invest $100 million in Malaysia's Capital A-owned budget airline AirAsia, Bloomberg News reported on Thursday, citing people familiar with the matter.

Saudi's PIF sovereign wealth fund explores potential equity investment in Malaysian budget airline AirAsia, according to Bloomberg sources.

Saudi Arabia's Public Investment Fund (PIF), which manages nearly a trillion dollars in assets, is set to invest $100m in Malaysian airline AirAsia. The carrier is in a fundraising round following years of financial difficulties caused by the pandemic and supply chain problems.

Saudi Arabia’s sovereign wealth fund is poised to invest about $100 million in Malaysian carrier group AirAsia, according to people familiar with the matter, strengthening the Gulf kingdom’s ties with a region that’s a major source of tourism.