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Saudi flynas obtains SAR 844m Murabaha financing

Saudi flynas obtains SAR 844m Murabaha financing
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Riyadh – Mubasher: The Saudi national carrier, flynas, has received a Murabaha financing worth SAR 844 million.

The amount is the first instalment of a SAR 2.25 billion financing programme that aims to enhance the airline’s growth plans, the company announced.

Credit Suisse was the lead arranger, with the participation of a number of Saudi lenders; Banque Saudi Fransi, the facility agent for the deal, Arab National Bank (ANB), Al Rajhi Bank, and Bank Aljazira,

CEO and Managing Director of Flynas, Bander Almohanna, stated that the loan deal comes in line with flynas' objective to become the largest independent airline and a leading economy carrier in the Middle East and North Africa (MENA) region.

In 2019, flynas penned a memorandum of understanding (MoU) with Airbus at a value of $2.40 billion.