Riyadh Air secures SAR 5B revolving credit facility from 8 banks
31/10/2024
Argaam
Signing ceremony
Riyadh Air, a company under the Public Investment Fund (PIF) and the new airline for Saudi Arabia, successfully closed its first revolving credit facility valued at SAR 3 billion.
Self-organized and Shariah-compliant, the financing also includes an option for an additional committed facility of SAR 2 billion, according to the airline.
The financing agreement, secured for a duration of one year, involves eight banks: Arab National Bank (ANB), Al Rajhi Bank, Gulf International Bank, Emirates NBD, Riyad Bank, Banque Saudi Fransi (BSF), Saudi Awwal Bank (SAB), and Saudi National Bank (SNB)—all without any guarantees.
The signing of this facility occurred during the eighth edition of the Future Investment Initiative (FII) 2024 held in Riyadh.
Additionally, Riyadh Air signed on Oct. 30 an agreement to purchase 60 Airbus A321neo aircraft in preparation for its operational launch in 2025.
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