Flynas, the leading low-cost carrier in the Middle East, has announced the successful closure of a Murabaha financing agreement with Bank Aljazira worth $132 million (SAR 495 million) to finance the acquisition of three state-of-the-art Airbus A320neo aircraft.
This initiative is part of the airline’s efforts to strengthen the Saudi financial sector and boost its competitiveness by creating advanced financial products specifically designed for the aviation industry.
This agreement supports the carrier’s strategy to strengthen collaboration between the aviation industry and local financial institutions, driving the development of innovative financial products that elevate the Saudi financial market and offer unique investment opportunities for the local banking sector.
Further, it underscores airline’s commitment to prioritizing Saudi companies in benefiting from its future expansions, thereby building a robust and integrated aviation ecosystem that supports the objectives of Saudi Vision 2030.
Bander Almohanna CEO & MD Flynas
“We take great pride in strengthening our collaboration with national financial institutions such as Bank AlJazira. Through these partnerships, we aim to introduce innovative and advanced financial products that enhance the Saudi financial market and allow it to capitalize on the aviation sector’s growth. We remain steadfast in our commitment to prioritizing Saudi companies in our expansion plans, ensuring the development of a robust and sustainable national aviation ecosystem aligned with Saudi Vision 2030.”
Almohanna said that, “In line with the directions of the General Authority of Civil Aviation (GACA), emphasizing the importance of strengthening local partnerships and developing national capabilities in the aviation sector, Flynas actively pursues this vision through continuous collaboration with Saudi financial institutions.”
“This agreement follows a previous milestone with Saudi leasing company AviLease, where Flynas became the first airline to sign a purchase and leaseback agreement for 12 Airbus A320neo aircraft, reinforcing the role of national companies in supporting the aviation industry,” Flynas CEO concluded.
The newly acquired aircraft are expected to enhance Flynas’ network coverage, improve operational efficiency, and elevate the passenger experience while emphasizing environmental sustainability, further demonstrating Flynas’ commitment to fostering innovation and growth in the Saudi aviation sector.
