Saudi budget carrier Flynas strikes £7bn Airbus deal for 60 jets

Saudi Arabia’s flynas has struck a deal with Airbus to buy planes worth £7bn say Kingdom Holding the company which holds a 34.1 per cent stake in the budget airline.

The deal which is yet to be announced by Airbus themselves will see them  sell more than 60 A320neo narrowbody planes to flynas.

A formal ceremonial event will take place on Monday 16^th January say Kingdom Holding.

Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, did not specify how many or which model of aircraft flynas had purchased, but it added that the first batch will be received early in 2018.

Previously known as Nas Air, Flynas has ditched its long-haul model in favour of a low-cost carrier (LCC) version in 2014, resulting in a leaner company which produced a rapid turnaround under the leadership of CEO Paul Byrne.

The order, will replace and expand a fleet of leased A320s, and give flynas one of the largest Middle East low cost fleets after state-owned flydubai, which operate 57 Boeing 737-800s.

In an effort to move Saudi Arabia’s economy away from oil income the country wants to expand its tourism sector which currently revolves around religious tourism, it plans to encourage non-religious tourism as part of major national reforms.