Saudia gets 50 Airbus aircraft in $8.2 bln Islamic leasing deal

Saudi Arabian Airlines (Saudia) will receive 50 aircraft from Airbus, financed through an Islamic leasing deal by Dubai-based International Airfinance Corporation (IAFC), making it the largest aircraft leasing deal in history.

Saudia will take the delivery of 30 Airbus A320-200 models and 20 A330-300 planes as part of the deal, worth about $8.2 billion, based on estimates by Reuters.

IAFC, a Sharia-compliant fund management company which finances Airbus aircraft for clients in the region, said it will buy the aircraft and lease them to the Saudi carrier. It appointed Quantum Investment Bank and Palma Capital to arrange the required financing.

Saleh Al-Jasser, director general of Saudi Airlines, told Al Arabiya that the deal was ratified in France earlier this week.