Transportation
Saudi’s Riyadh Air Gets $1.3 Billion Credit Facility For Launch
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Riyadh Air, Saudi Arabia’s startup carrier, obtained a $1.3 billion credit facility from a group of Gulf banks as it looks to raise money ahead of its planned launch in the summer of 2025.
The airline, owned by the kingdom’s sovereign wealth fund, signed an Islamic revolving credit facility amounting to 3 billion riyals, with an option for an additional 2 billion riyals with eight banks in the Gulf, according to a statement Thursday.