Flynas clinches SAR 495 mn loan for three Airbus A320neos

Saudi Arabia’s budget airline Flynas has secured a SAR 495 mn (c. USD 132 mn) loan from Aljazira Bank to back its purchase of three Airbus A320neo aircraft, according to a statement released on Thursday. The company is planning on adding 100 aircraft to its fleet by 2030, Flynas CEO and Managing Director Bander Al Mohanna told SPA. The company has 280 jets on its orderbook.

Wheels up for a big year: Flynas is expected to receive a green light from KSA’s Capital Market Authority soon to list a 30% stake in 2025, with official IPO plans announced last year. The airline has reportedly been mulling an IPO since 2008, and tapped Goldman Sachs, Morgan Stanley, and Saudi Fransi Capital for the offering in late 2023.

REFRESHER- In 2022, the airline received two out of 12 Airbus A320neo aircraft ordered from KSA’s financing solutions and aircraft capacity provider AviLease.