Riyadh Air, a subsidiary of Saudi Arabia’s Public Investment Fund (PIF), has successfully obtained a SAR 3 billion Islamic revolving credit facility, marking a significant financial milestone for the airline.
This Shariah-compliant financing includes an option for an additional SAR 2 billion and is organised with eight banks: Arab National Bank, Al Rajhi Bank, Gulf International Bank, Emirates NBD, Riyad Bank, Banque Saudi Fransi, Saudi Awwal Bank, and Saudi National Bank. Notably, the agreement, which spans one year, was obtained without any guarantees.
“Securing this Revolving credit facility is a pivotal moment for Riyadh Air as we gear up for our launch,” said Adam Boukadida, Riyadh Air’s CFO. “The confidence shown by our banking partners in this facility underscores their belief in our business model and our vision to redefine air travel.”
The facility was signed during the Future Investment Initiative 2024 in Riyadh. During the same event, Riyadh Air announced an agreement to purchase 60 Airbus A321neo aircraft, gearing up for its 2025 operational launch.
