Saudi carrier Flynas agrees sale-leasebacks to fund 14 new jets

Deals valued at 6.6 billion Saudi riyals
Saudi carrier Flynas agrees sale-leasebacks to fund 14 new jets

Saudi Arabian budget airline Flynas agreed to 3 sale-leaseback deals that will fund the purchase of 14 Airbus SE narrow-body jets valued at 6.6 billion Saudi riyals ($1.7 billion).

The agreements were unveiled at the King Abdulaziz International Conference Center in Riyadh during the Future of Aviation Forum hosted by the General Authority of Civil Aviation. Flynas participated in the forum as a strategic partner.

Flynas said that these 14 aircraft financing, secured with partnership from CDB Aviation, CMB Financial Leasing, and Avolon Aerospace Leasing Limited, represent part of the company’s order for 120 Airbus A320neo aircraft, 22 of which were delivered until late March.

Bander Almohanna, Chief Executive Officer and Managing Director of Flynas said: “These agreements support Flynas’ strategy to expand locally and internationally and effectively contribute to achieving the Civil Aviation Authority’s strategy that aims to reach 330 million passengers in the Kingdom annually and linking the world to the Kingdom through more than 250 destinations”.

In March, the company announced that the company’s Board of Directors had agreed to increase the volume of new orders for aircraft to 250 aircraft. 

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