The government has been urged to investigate Saudi Arabia's attack on Heathrow as campaigners attack the move as “whitewashing” the country's questionable human rights record.
Saudi Arabia's sovereign wealth fund, which includes Newcastle United FC, this week agreed to pay Spanish infrastructure giant Ferrovial £1 billion for a 10 percent stake in west London airport.
It comes as Ferrovial has sold its 25 percent stake in Heathrow, 17 years after it first bought into the group.
The Saudi Public Investment Fund (PIF) will take 10 percent, while French private equity firm Ardian will buy the remaining 15 percent of the shares.
The Qatar Investment Authority is also one of the main stakeholders at Heathrow, with a 20 percent stake.
Concerns: Saudi Arabia's sovereign wealth fund agreed to pay Spanish infrastructure giant Ferrovial £1 billion for a 10% stake in West London airport
The PIF, controlled by Saudi Crown Prince Mohammed bin Salman, is estimated to have more than £550 billion in assets.
But campaigners have raised alarm bells over the takeover of PIF, which recently invested in Newcastle United and carmaker Aston Martin.
Katie Fallon, advocacy manager at Campaign Against Arms Trade, said the investment was intended to “whitewash the regime's appalling human rights record”.
She said: 'They are focusing on high-profile, family-friendly brands.'
Peter Frankental, director of economic affairs at Amnesty International, said: 'We would have liked to see Heathrow's owners have carried out proper due diligence. It is certainly the least the public would expect from the owners of this iconic British transport hub.”
The government does not want to say whether it will intervene. But it has the power to block deals on national security issues.
After a severe pandemic, Heathrow has largely recovered. It carried 59.4 million passengers in the first nine months of 2023, an increase of 34.4 percent compared to 2022. In September, passengers reached pre-pandemic levels for the first time.
But Ferrovial has warned that regulatory changes regarding reduced landing charges – fees airlines pay to use airports – would impact its portfolio.
Ferrovial said it remains committed to its airport investments.
It owns half of Aberdeen, Glasgow and Southampton airports, has 49 percent of Terminal 1 at New York's JFK Airport and a 60 percent investment in Dalaman Airport in Turkey.
Saudi Arabia has hosted lucrative sporting events in recent years, including last year's LIV golf series, which merged with the PGA Tour and DP World Tour in June.
This has led to some accusations of 'sportswashing', where sport is used to distract from social issues.
Bin Salman told Fox News: “If sportswashing is going to increase my GDP by 1 percent, we will continue with sportswashing, I don't care.”