Saudi Arabian investor Mohamed Bin Issa Al Jaber plans to buy a stake in Austrian Airlines worth 150 million euros ($223 million), the airline operator said.

'Intensive  negotiations  are  currently underway,' Austrian said in a statement, adding no decisions had been taken yet.

Austria's state holding company OeIAG currently holds just under 40 per cent of the airline.

'A strategic investment  of  this  nature  would  be  to support the  expansion strategy of Austrian Airlines in the Middle East,' Austrian said.-Reuters