Saudia signs financing agreement with Crédit Agricole for Airbus fleet growth

Saudia Group has entered a three-way memorandum of understanding with Crédit Agricole Corporate and Investment Bank and the Saudi Export-Import Bank to arrange financing for new Airbus aircraft purchases.

The agreement was signed in Paris during a French-Saudi Investment Roundtable hosted by Saudi Arabia's Ministry of Investment, held alongside a visit to France by Crown Prince Mohammed bin Salman. According to a statement from the parties, the deal is intended to support Saudia's plans to expand and modernize its fleet.

Under the arrangement, Crédit Agricole CIB will act as financier and arranger, structuring funding to match aircraft delivery timelines. Saudi EXIM Bank, the kingdom's export credit agency, will provide insurance coverage against credit risks tied to the transactions.

The memorandum was signed by Saudia Group Director General Ibrahim Al-Omar, Saudi EXIM Bank CEO Saad Al-Khalb, and Crédit Agricole CIB Managing Director André Zervudachi. A spokesperson described the deal as combining the risk-bearing capacity of national institutions with the liquidity and expertise of international financial partners, adding that it was meant to boost the competitiveness of Saudi companies pursuing growth investments abroad.

No specific aircraft numbers, models, or financial values were disclosed in the announcement. The agreement follows Saudia's broader fleet renewal efforts as the airline continues expansion tied to Saudi Arabia's aviation growth targets.