Flynas inks partnerships worth SR6.6bln to fund 14 jets purchase, leaseback

Saudi Arabian discount airline Flynas signed sale-leaseback deals that will fund the purchase of 14 Airbus (A320 neo) (SE narrow-body jts) for SR 6.6 billion.

The deals have been signed on the sidelines of the Future Aviation Forum organized by General Authority for Civil Aviation over three days at the King Abdulaziz International Conference Center in Riyadh.

The company revealed in a press release today that it would partner with CMB Leasing, CDB Aviation and Avolon on the 14 jets as a part of 120-jet (A320neo) order, from which Flynas delivered 22 ones by the end of last March.

Bander Almohanna, Chief Executive Officer and Managing Director of Flynas said that the financing program will support the company’s ambitious future growth plans to become the largest and leading independent low-cost airline in the Middle East and North Africa region and also aims to increase the annual passenger traffic in Saudi Arabia to 330 million passengers while linking the Kingdom to more than 250 destinations around the world.

It should be noted that Flynas’ Board of Directors approved last March a strategic plan and agreed to increase the volume of its orders to 250 aircraft.