Saudia (SV, Jeddah International) is looking to raise capital to fund aircraft acquisitions, including a debut bond sale, the state-owned airline's director general, Ibrahim Alomar, has told Bloomberg. Saudia is looking to double its fleet size, currently at 147 aircraft, by the decade's end.
"We are evaluating the options," he said, adding that while the size of any capital raising is yet to be determined, the airline has the financing to meet its aircraft acquisition payment obligations through to mid-2024.
Saudia Arabia's Vision 2030 strategy includes a goal for its tourism industry to support 100 million visitors annually, with a consequent upgrade of airline and airport capacities to support that, including the launch of new carriers such as NEOM Airlines (Neom Bay) and Riyadh Air (RXI, Riyadh).
Saudia already has seventy aircraft on order at Airbus and Boeing, including eighteen B787-9s and twenty-one B787-10s ordered earlier this year, plus sixteen A321-200Ns and fifteen A321-200NY(XLR)s. The A321-200Ns are flagged to go to Saudia's low-cost subsidiary flyadeal. Saudia is also exploring next-generation eVTOL options. In 2022, the airline signed a memorandum of understanding with Lilium (Oberpfaffenhofen) concerning the development and operation by the airline of a future eVTOL network in Saudi Arabia.
Separately, Saudia recently unveiled a new brand identity, which the airline's spokesperson said reflected the carrier's commitment to digital advancement and new services and products under development.
