Austrian Airlines Group announced that Saudi investor Mohamed bin Iassa Al-Jaber is in talks with airline management about a plan to invest EUR150 million (US$221.7 million) in the flag carrier, which is intent on protecting its independent status.

Discussions regarding an investment are ongoing and there are no results to report, AAG said.

Al-Jaber owns two luxury hotels in Vienna.

According to financial sources, AAG's value on the stock exchange is nearly EUR450 million. Initial statements from Austrian politicians (state holding group OIAG remains a 42.75% owner of AAG) were positive about the potential investment deal.

For its part, AAG said it regarded the investment as a strategic part of its plans to expand to the Middle East.

The next board meeting is scheduled for March 12.