Flynas completes SAR 32 bln deal with Airbus

11/01/2017 Argaam

Prince Al Waleed bin Talal's investment vehicle, Kingdom Holding Co. (KHC) said its 34.08 percent-owned subsidiary, Flynas, has finalized a SAR 32.3 billion agreement with Airbus to buy 60 A320neo narrow body jets.

 

Financial impact will appear after Flynas receives the first batch of jets in early in 2018, KHC said in a statement to the Saudi bourse on Wednesday.

 

Reuters first reported the news on the jets yesterday, citing unnamed industry sources.

 

Saudi Arabian budget carrier flynas was launched as Nas Air in 2007 and first turned a profit in 2015, according to data compiled by Argaam. 

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