UK Global Airlines Pursues Investment from Saudi Arabia

UK Global Airlines Pursues Investment from Saudi Arabia

Strategic Investment Talks and Growth Ambitions

Global Airlines, a British start-up headquartered at London City Airport, is reportedly in discussions with Saudi Arabia’s Kingdom Holding Company regarding a potential investment. According to Aviation Week, this funding could enable the airline to expand its Airbus A380-800 fleet from a single aircraft to four, marking a significant milestone in its growth strategy.

While Global Airlines has acknowledged ongoing conversations with various financial partners about its future, it has neither confirmed the involvement of Kingdom Holding Company nor disclosed details of other potential investors. Both parties have declined to comment on inquiries, leaving the specifics of the negotiations undisclosed. Speculation has arisen that the investment might lead Global Airlines to shift its focus from scheduled transatlantic flights to the ACMI (Aircraft, Crew, Maintenance, and Insurance) market, particularly servicing Hajj operations. The airline has firmly denied these claims, reaffirming its commitment to becoming a scheduled carrier. In a recent statement, Global Airlines emphasized its dedication to its original vision despite the challenges ahead, rejecting any pivot toward an ACMI business model.

This development follows an earlier announcement that Knighthood Global, a consultancy and investment firm, plans to acquire a stake in Global Airlines. Knighthood Global has been engaged to provide strategic advice and support, underscoring the airline’s efforts to strengthen its financial and operational foundation.

Ownership, Operations, and Future Prospects

Currently, Ihtg Limited (formerly Holiday Swap Group Limited) holds a majority stake exceeding 75% in Global Airlines. James Asquith, the airline’s founder and CEO, is the principal owner of Ihtg Limited, while the identities of other shareholders remain undisclosed.

Global Airlines commenced operations with its inaugural flight from Glasgow International to New York JFK on May 15. As the airline has yet to secure a UK Air Operator Certificate (AOC), this flight was operated by its ACMI partner, Hi Fly Malta. Following a second rotation between Manchester and New York, the airline’s sole Airbus A380-800 (registration 9H-GLOBL, msn 120) was ferried to Dresden on May 26, where it currently remains in storage.

Looking ahead, Global Airlines aims to obtain its own UK AOC to operate scheduled services independently, a critical step toward establishing itself as a full-fledged scheduled carrier. The pursuit of strategic investments, including the potential partnership with Kingdom Holding Company, is central to accelerating this ambition.