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.

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 US$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.

WTA decided to follow ATP’s footsteps by signing a multi-year partnership with Saudi Arabia’s investment fund last year, the decision attracting criticism from greats of the game such as Martina Navratilova due to the Gulf kingdom’s treatment of its women and its human rights record.

A Saudi Arabia-backed sports fund is considering investing in a new body that World Athletics may potentially set up to manage the sport's commercial rights, two people with knowledge of the matter said.