ECONOMY

Saudi airline Flynas to buy $8.6 bln in Airbus planes

Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding Company owns just over a 34 percent stake in Flynas, Riyadh-based low-cost airline. (Courtesy: Flynas)

A major shareholder in Saudi airline Flynas says the discount carrier has reached a deal to buy $8.6 billion worth of planes from European plane-maker Airbus.

Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding Company announced the deal on Thursday, though it did not say how many aircraft or what type were involved. Kingdom owns just over a 34 percent stake in the Riyadh-based airline.

Airbus declined to provide details other than to confirm that a formal announcement was expected on Monday. Flynas could not be reached for comment.

Flynas is a low-cost airline previously known as Nas Air that flies to domestic Saudi and regional destinations.
 

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Last Update: Friday, 13 January 2017 KSA 16:12 - GMT 13:12
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Saudi airline Flynas to buy $8.6 bln in Airbus planes
A formal announcement was expected on Monday, according to the European plane-maker
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