Flynas, Saudi airline, secured a $225 million, which accounts to 844 million Saudi riyal, Murabaha corporate financing facility out of a total funding package of $599.86 million to boost further growth.
The financing was arranged by Credit Suisse and syndicated to several Saudi banks with leading participation from Banque Saudi Fransi, Arab National Bank, al-Rajhi Banking and Investment Corporation, and Bank Aljazeera, with Banque Saudi Fransi acting as Facility Agent.
“The financing program will support flynas ambitious future growth plans to become the largest and leading independent low-cost airline in the Middle East and North Africa region,” Bander Almohanna, Chief Executive Officer and Managing Director of flynas, stated.
Flynas connects more than 70 domestic and international destinations through its fleet of more than 35 aircraft, and since its inception in 2007 until now, it has transported more than 60 million passengers.
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