Flynas Seals SAR 495 Million Aircraft Financing Deal
Deal News | Feb 28, 2025 | Zawya
Flynas, a major low-cost airline in the Middle East, has successfully closed a SAR 495 million ($132 million) Murabaha financing agreement with Bank Aljazira to acquire three Airbus A320neo aircraft. This deal is a strategic move by Flynas to fortify relationships between the aviation industry and the Saudi financial sector, highlighting its commitment to Saudi Vision 2030. Bander Almohanna, Flynas CEO, emphasized the importance of fostering collaborations with national financial institutions like Bank Aljazira to produce tailored financial solutions for aviation. This initiative follows another significant collaboration with AviLease, showcasing Flynas's dedication to involving Saudi companies in their growth plans, while advancing environmental sustainability and enhancing passenger experiences.
Sectors
- Aviation
- Financial Services
Geography
- Saudi Arabia – Flynas is a Saudi company and the financing deal involves a Saudi bank, highlighting the significance to the local economy and Saudi Vision 2030.
Industry
- Aviation – The agreement involves the acquisition of aircraft, which is a central component of the aviation industry.
- Financial Services – The financing deal between Flynas and Bank Aljazira underlines the role of financial services in supporting aviation enterprises.
Financials
- SAR 495 million ($132 million) – The total financing agreement amount secured from Bank Aljazira for the acquisition of three Airbus A320neo aircraft.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Flynas | Target company | Company | A leading low-cost airline in the Middle East engaged in expanding its fleet. |
| Bank Aljazira | Financier | Company | A Saudi financial institution providing financing for Flynas's aircraft acquisition. |
| Bander Almohanna | CEO of Flynas | Person | Chief Executive Officer of Flynas, commenting on the strategic significance of the agreement. |
| AviLease | Leasing company | Company | A Saudi leasing firm previously involved with Flynas in a significant leasing agreement. |