The first tranche of a SAR 2.25 billion financing program aiming to support future growth plans of the company
— Bander Almohanna, CEO and Managing Director of flynas
RIYADH, AL RIYADH, SAUDI ARABIA, May 9, 2022 /EINPresswire.com/ — flynas, the Saudi air carrier and the leading low-cost airline in the Middle East, has secured a SAR 844 million equivalent Murabaha corporate financing facility, the first tranche of a SAR 2.25 billion financing program, aimed to support future growth plans of the company.
The financing was arranged by Credit Suisse and syndicated to a number of Saudi banks with leading participation from Banque Saudi Fransi, Arab National Bank, Al Rajhi Banking and Investment Corporation, and Bank Aljazeera, with Banque Saudi Fransi acting as Facility Agent.
Bander Almohanna, Chief Executive Officer and Managing Director of flynas, said: “The financing program will support flynas ambitious future growth plans to become the largest and leading independent low-cost airline in the Middle East and North Africa region”.
H.E. Mr. Abdulaziz bin Abdullah Al-Duailej, the President of the General Authority of Civil Aviation (GACA), said on the sidelines of the Future Aviation Forum: “These facilities will accelerate achieving the civil aviation strategy, which aims to increase the annual passenger traffic in the Kingdom of Saudi Arabia to 330 million passengers while linking the Kingdom to more than 250 destinations around the world”.
“The deal will also enhance the efficiency of the air transport sector in the Kingdom of Saudi Arabia and further confirms flynas capacity to play an instrumental role in achieving this strategy,” he added.
Last March, the flynas’ Board of Directors approved the company’s strategic plan and agreed to increase the volume of its orders to 250 aircraft. After concluding these agreements, flynas will become the largest low-cost airline in the Middle East and North Africa (MENA) region. It will also be the largest owner and operator of modern aircraft in the region.
flynas connects more than 70 domestic and international destinations through its fleet of more than 35 aircraft. Since its establishment in 2007, it has transported more than 60 million passengers.
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