Saudi Arabia’s flynas has secured a $225 million (844 million riyal) Murabaha corporate financing facility out of a total funding package of $599.86 million (2.25 billion riyal) to boost further growth.
“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,” Bander Almohanna, Chief Executive Officer and Managing Director of flynas said.
“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”, President of the General Authority of Civil Aviation Abdulaziz bin Abdullah al-Duailej said on the sidelines of the Future Aviation Forum.
“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.
The financing was reportedly arranged by Credit Suisse and syndicated to several 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.