flynas Secures a Murabaha Financing Worth SAR 844 Million
Riyadh, Kingdom of Saudi Arabia – 09 May 2022: 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 programme, 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 programme 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, said on the sidelines of the Future Aviation Forum: “This 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. flynas is a leading Saudi Arabian low-cost carrier with 34 aircraft, operating more than 1500 weekly flights to 35 domestic and international destinations. Since its launch in 2007, flynas has transported more than 55 million passengers, a number that has steadily grown over the past 14 years. flynas is a leading Saudi Arabian low-cost carrier with 34 aircraft, operating more than 1500 weekly flights to 35 domestic and international destinations. Since its launch in 2007, flynas has transported more than 55 million passengers, a number that has steadily grown over the past 14 years. flynas offers its guests the best value for money through competitive fares, timely flights, and superior customer service, which has earned several accolades, including the Middle East's Leading Low-Cost Airline award from the World Travel Awards for six consecutive years (from 2015 till 2020) as well as the prestigious Skytrax award for Middle East's Best Low-Cost Airline in (from 2017 till 2021). flynas continues to grow and invest in its product with a recent agreement with Airbus to purchase 120 new A320NEO aircraft at a list value of US$ 8.6 billion. flynas is proud to receive its 20 Airbus A320Neo aircraft and add them to its fleet. For more information, visit www.flynas.com
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