Flynas signs SAR 495M Murabaha financing with Bank AlJazira

The signing ceremony

Flynas signed a Murabaha financing deal worth SAR 495 million ($132 million) with Bank AlJazira.

In a statement, Flynas said the deal is to finance the acquisition of three state-of-the-art Airbus A320neo aircraft.

The airline highlighted its expansion plans, which include adding more than 100 aircraft over the next five years until the end of 2030, as part of a total order of 280 aircraft.

The agreement is part of a previous achievement between Flynas and Saudi leasing company AviLease, a subsidiary of the Public Investment Fund (PIF). Flynas was the first airline to sign a purchase and leaseback agreement for 12 Airbus A320neos.