Saudi Arabia’s budget carrier flynas has signed a SR504 million Murabaha facility with Saudi Awwal Bank.
The 12-year financing, finalized Aug. 28, will fund the delivery of new Airbus A320neo aircraft.
The deal is secured by promissory notes, aircraft mortgages, and assigned insurance rights.
The funding supports flynas’ aircraft acquisition program with Airbus.
It covers 195 narrow-body jets — including 159 A320neo and 36 A321neo models.
The airline said the facility is a milestone in meeting demand, boosting efficiency, and restructuring capital.
This follows a SR495 million Murabaha signed in February with Bank AlJazira.
That deal financed three Airbus A320neo deliveries, strengthening ties with Saudi banks.
Flynas said it aims to prioritize local institutions in its expansion strategy.
The carrier is also expanding through major Airbus orders.
In July 2024, it signed for 160 new aircraft, including 30 A330neo wide-bodies, raising its total order book to 280 planes.
Wide-body deliveries are expected to begin in 2027, with over 100 jets arriving by 2030.
Flynas completed its IPO in June, pricing shares at SR80 and reaching a market cap of SR13.6 billion.
The Gulf’s first airline IPO in nearly two decades drew massive investor demand.
These moves align with Vision 2030, positioning Saudi Arabia as a global aviation hub.
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