Saudia Group has signed a Memorandum of Understanding (MoU) with Saudi Export-Import Bank (Saudi EXIM) and Crédit Agricole Corporate and Investment Bank (Crédit Agricole CIB) to explore financing solutions for its acquisition of new Airbus aircraft.
The agreement brings together international banking expertise and Saudi Arabia’s national export credit capabilities to support Saudia Group’s fleet expansion and modernisation plans.
The MoU was signed in Paris on August 24 during the French-Saudi Investment Roundtable organised by Saudi Arabia’s Ministry of Investment. It was signed by Ibrahim Al-Omar, Director General, Saudia Group; Saad Al-Khalb, Chief Executive Officer, Saudi EXIM; and André Zervudachi, Managing Director, Aviation Group, Crédit Agricole CIB.
Under the proposed financing framework, Crédit Agricole CIB will work to structure and arrange financing for aircraft acquisitions in line with expected delivery schedules. Saudi EXIM, acting as Saudi Arabia’s export credit agency, will assess and provide appropriate credit risk insurance, subject to applicable requirements and final transaction terms.
The arrangement is designed to help Saudia access a broader range of international financing sources while reducing credit risk for participating financial institutions. Saudi EXIM’s insurance coverage could also help broaden the potential lender base and attract international liquidity to transactions supporting Saudi exports.
For Saudia Group, the financing initiative will support its ongoing fleet growth and modernisation programme, providing additional capacity to expand its network, strengthen operational capabilities and improve efficiency across its international operations.
Ibrahim Al-Omar, Director General, Saudia Group, said the agreement provides the Group with broader financing options to support its growth and fleet investment plans, while strengthening its ability to connect Saudi Arabia with global markets.
From an export perspective, the transaction also highlights the role of aviation services in Saudi Arabia’s broader economic diversification strategy. Fleet expansion will enable Saudia to increase its capacity to provide air transport services across international markets and accommodate growing passenger demand.
Saad Al-Khalb, Chief Executive Officer, Saudi EXIM, said the Bank’s role is to use its insurance capabilities to mitigate credit risk for international financial institutions and help Saudi companies access new international financing channels.
Also Read – Avora Aviation completes Airbus A320 sale-and-leaseback with FTAI Aviation
The parties have also agreed to explore additional cooperation on future aircraft financing transactions and fleet development programmes.
For the aviation industry, the agreement demonstrates how export credit agencies, international financial institutions and airlines can combine financing and risk-mitigation mechanisms to support large-scale fleet investments. For Saudia, the initiative adds further financial flexibility as the Group continues its fleet renewal and international expansion plans.
