Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Turkey) region, said it has joined hands with seven other financial institutions across Saudi Arabia to provide SAR5 billion ($1.3 billion) revolving credit facility to Riyadh Air.

The kingdom's newest national airline, Riyadh Air is wholly owned by Saudi sovereign wealth fund PIF.

Announcing the new finance deal, Emirates NBD saif the funding will provide critical support for Riyadh Air’s operational launch, fleet acquisition, and infrastructure expansion, laying a strong foundation for its ambition to enable the Saudi capital to become a gateway to the world and a global destination for transportation, trade, and tourism.

The credit facility is structured as an Islamic Revolving Credit Facility (RCF), designed to align with Sharia principles while offering Riyadh Air flexible access to capital for its operational needs, it stated.

This sharia-compliant structure underscores Emirates NBD’s commitment to innovative Islamic financing solutions that support growth within ethical and responsible frameworks.

On the strategic funding, Naser Yousef, the CEO of Emirates NBD Saudi Arabia, said: "We are honoured to partner with Riyadh Air in this landmark initiative, which is integral to Saudi Arabia’s aspirations under Vision 2030. This revolving credit facility reflects our commitment to enabling the Kingdom’s economic diversification agenda and supporting high-potential sectors like aviation and transportation."

Ahmed Alghamdi, the Head of Corporate & Institutional Banking at Emirates NBD Saudi Arabia, pointed out that the transaction was a significant milestone for Riyadh Air as it established its footprint in the financial markets.

"Emirates NBD is dedicated to providing bespoke financing solutions that empower our clients to achieve their growth objectives. Our partnership with Riyadh Air underscores our strategic role in advancing the Kingdom’s transformation journey and bolstering its global competitiveness," he added.-TradeArabia News Service

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