Subscribe Free
in Business & Finance

Saudia signs financing agreement worth $3 billion

Posted 22 March 2021 · Add Comment

Saudia has signed a financing agreement with six local banks worth $3 billion, making it the largest deal in the history of Saudi Arabia’s aviation sector.

Image:  Saudia

The agreement was signed in Jeddah in the presence of Transport minister and chairman of the board of Saudia, Eng. Saleh bin Nasser Al-Jasser; director general of Saudia Eng. Ibrahim bin Abdulrahman Al-Omar and the representatives of the 6 banks which are Al Rajhi Bank, the Saudi British Bank (SABB), the Arab National Bank (ANB), Samba Financial Group, Bank AlJazira, Bank Albilad and HSBC which is the financial advisor for the corporation and the investment agent for the banks in this deal.

The agreement aims to finance the needs of the corporation to mid-2024, within the framework of financing part of the deals to purchase 73 aircraft from Airbus and Boeing, which were previously announced, including: 20 aircraft of A321neo, 15 A321XLR and 8 787-10 for the Saudi Arabian Airlines as well as 30 A320neo for Flyadeal.

The corporation has received 5 787-10 aircraft from this deal so far.

Saudia said this is part of the commitment to promote tourism as well as Hajj and Umrah sectors in line with the Saudi Vision 2030 objectives to attract 100 million tourists and 30 million Umrah performers annually.
 

At the signing - (Image: SPA)

 

 

Other Stories
Advertisement
Latest News

Boeing releases first sustainability report charting path to sustainable aerospace

Boeing has released its first Sustainability Report. In the report, the company shares its vision for the future of sustainable aerospace, establishes broad sustainability goals and highlights environment, social and governance

FlightPlan: Aviation recovery impacted by lack of global synchronisation

FlightPlan: C-Suite Week, hosted by Inmarsat and APEX, aired a series of ‘no holds barred’ discussions with the CEOs of Qatar Airways, AirAsia, United Airlines, TAP Air Portugal and IATA last week.

Airbus deploys mission-critical communication solutions to help secure Hajj

Airbus has secured this years’ Hajj holy pilgrimage in Mecca with its mission-critical communication technologies in Saudi Arabia.

Capital Markets Investors predict more airline bailouts

An overwhelming majority (81%) of capital markets investors expect to see more government support to ensure the survival of regional airlines as carriers struggle to survive the prolonged collapse in demand for air travel resulting

Emirates launches new passenger service to Miami

Emirates is connecting global business and leisure travellers with it's first-ever passenger service between Dubai and Miami.

IATA warns governments on high cost of testing

The International Air Transport Association (IATA) called on governments to take action to address the high cost of COVID-19 tests in many jurisdictions and urged flexibility in permitting the use of cost-effective antigen tests as an

WDS SK2601090322
See us at
Aviation MENA 2022World Defence Show 2022Aviation Africa 2021 BTOCDAS21_BT