Saudi Airline Flynas Obtains USD 225 Million Murabaha Financing to Support its Growth Strategy
May 10, 2022 | Updated at May 10, 2022
The Saudi Arabian airline Flynas (formerly Nas Air) announced that it had obtained a SAR 844 million (USD 225 million) Murabaha financing, as the first tranche under a SAR 2.25 billion (USD 600 million) financing programme, targeted at enhancing future expansion plans, in a statement issued on the 9th of May 2022.
Why it Matters?
The facilities are expected to improve the Kingdom of Saudi Arabia’s (KSA) air transport sector and speed up the implementation of the civil aviation strategy, which aims to increase the annual passenger traffic in the KSA to 330 million passengers while connecting the country to over 250 destinations globally. The deal will help Flynas expand as it is expected to become, once the agreements are completed, the largest lo...