The General Organization of Saudi Arabian Airlines signed a financing agreement with six local banks worth 11.2 billion Saudi riyals (3 billion US dollars), which is the largest in the history of the aviation sector in the Kingdom, in order to implement its strategic plans to expand its aircraft fleet.

An agreement to finance aircraft purchase deals was signed in the "Saudi" hall in Jeddah, under the patronage and presence of His Excellency the Minister of Transport, Chairman of the Board of Directors of the Saudi Arabian Airlines General Organization, Eng. Saleh bin Nasser Al-Jasser, and His Excellency the Director General of the General Organization of Saudi Arabian Airlines, Eng. Ibrahim bin Abdulrahman Al-Omar. With representatives from the six banks; These are Al-Rajhi Bank, Saudi British Bank (SABB), Arab National Bank, Samba Financial Group, Bank Al-Jazira, and Bank Albilad, in addition to HSBC Bank, the financial advisor to the corporation and the investment agent for the banks in this deal.

The agreement aims to finance the needs of the corporation for the period extending to mid-2024 AD, within the framework of financing part of the deals to purchase 73 aircraft from Airbus and Boeing, which were previously announced and include: 20 A321neo, 15 A321XLR, and 8 787 aircraft. -10, all for Saudi Airlines, in addition to 30 A320neo aircraft for Flyadeal. It is worth noting that the Corporation has received 5 787-10 aircraft from this deal so far.

The Minister of Transport stated that the signing of the agreement establishes a prominent chapter in the march of the air transport sector in the Kingdom, indicating that this agreement will make an effective contribution to supporting the growth and prosperity of the national economy in the long term, and we look forward, God willing, until the growth of the fleet of the Saudi Arabian Airlines Corporation will bear fruit in the long term. Promoting the tourism sector and its related sectors, creating quality job opportunities, upgrading the air connection between the various regions of the Kingdom and the world, as well as enhancing the flow of foreign investments into the Kingdom, and supporting its efforts to diversify the economy by supporting the main economic sectors.

He stressed that the completion of the process of obtaining financing of this size between the corporation and the national banks highlights the strength of the local banking sector, and the important role of the corporation in supporting the comprehensive growth of the Saudi economy by attracting more tourists and pilgrims to the Kingdom, and responding to the requirements of arriving and departing travelers through their service according to the highest approved standards. In the sector.

For his part, the Director General of the General Organization of Saudi Arabian Airlines expressed the Foundation's pride in this partnership that was concluded with an elite of financial institutions in the Kingdom, as part of its endeavor to push the aviation sector towards recovery, especially in light of the turmoil currently occurring in world markets due to the repercussions of the pandemic Coronavirus, indicating that the purpose of the financing agreement is to modernize the Corporation's aircraft fleet, and to meet aviation requirements over the coming years.

He said that despite the sensitive stage that the aviation sector is going through during the years 2020 and 2021, the total bids received for this funding exceeded 18 billion Saudi riyals (4.8 billion US dollars), indicating market confidence in the long-term strategic plans of the General Airlines. Saudi Arabia, and its ability to achieve tangible growth in line with the goals of the Kingdom's Vision 2030.

It is noteworthy that the financing agreement reflects the commitment of the Saudi Arabian Airlines Corporation to support the tourism, Hajj and Umrah sectors, as the Kingdom is looking forward to attracting 100 million tourists and 30 million pilgrims annually, in line with the goals of the Kingdom's Vision 2030, as the corporation continued to focus on improving its facilities and facilities in order to acquire a share Large in the market after the recovery phase, and is looking forward to enhancing the experience of its guests, and moving it to the world by expanding its fleet and supporting it with the latest aircraft from the major manufacturers in the world.