Flynas, the prominent low-cost airline in the Middle East, has successfully finalized a Murabaha financing agreement with Bank AlJazirah valued at SAR 495 million (approximately $132 million). This financing will support the acquisition of three advanced Airbus A320neo aircraft, a move aimed at boosting the airline’s operational capacity and enhancing competitiveness within the Saudi aviation sector.

This agreement is part of Flynas’ broader strategy to strengthen ties between the aviation industry and local financial institutions, fostering the development of innovative financial products tailored for aviation. It also aligns with the objectives of Saudi Vision 2030, which seeks to cultivate a robust and integrated aviation ecosystem by prioritizing partnerships with Saudi companies in future expansions.

Bander Almohanna, CEO of Flynas, expressed pride in the strengthened collaboration with Bank AlJazirah, stating that these partnerships are crucial for introducing advanced financial products that will benefit the Saudi financial market and leverage growth in the aviation sector. He emphasized Flynas’ commitment to local companies in its expansion plans and the importance of working closely with national financial institutions, in accordance with guidance from the General Authority of Civil Aviation (GACA).

The newly acquired Airbus A320neo aircraft are expected to significantly enhance Flynas’ network coverage, improve operational efficiency, and elevate passenger experiences. These developments underscore Flynas’ dedication to environmental sustainability, innovation, and growth within the Saudi aviation landscape.