Saudi Banks Poised to Benefit as Local Aircraft Deals Surpass $100 Billion
Bandar Al-Mohanna, CEO and Managing Director of Flynas, stated that aircraft deals by Saudi national carriers have surpassed $100 billion at list prices.
He highlighted this as a major opportunity for local banks to provide innovative financing solutions backed by strong asset guarantees, citing the partnership between Flynas and AviLease, a Public Investment Fund (PIF) subsidiary specializing in aircraft leasing, as a prime example.
His remarks followed Flynas' announcement on Thursday of a Murabaha financing agreement with Bank AlJazira worth SAR495 million ($132 million) to fund the acquisition of three new Airbus A320neo aircraft.
Al-Mohanna emphasized that Flynas is not just purchasing planes but is actively building an integrated aviation ecosystem. Strengthening partnerships with Saudi banks is a key part of this strategy, he said, stressing that the company seeks to develop financing programs that support long-term financial sustainability and drive continued growth in the aviation sector.
He also reaffirmed Flynas' commitment to prioritizing partnerships with national institutions, further strengthening the local aviation industry and aligning with Saudi Arabia's broader financial and aviation sustainability goals.
The Murabaha financing deal with Bank AlJazira is part of Flynas' wider efforts to support the Saudi financial sector by enhancing competitiveness and developing advanced financial products tailored to the aviation industry's evolving needs.
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