Emirates NBD Participates in SAR 5 Billion shariah compliant revolving Credit Facility for Riyadh Air

 Emirates NBD, a leading banking group in the MENAT (Middle East, North Africa, and Turkey) region, has participated in the financing of SAR 5 billion revolving credit facility to Riyadh Air, the new national carrier wholly owned by Saudi Arabia’s Public Investment Fund (PIF).

The funding, which comes from Emirates NBD and seven other financial institutions across Saudi Arabia and the region, will provide critical support for Riyadh Air’s operational launch, fleet acquisition, and infrastructure expansion, laying a strong foundation for its ambition to enable Riyadh to become a gateway to the world and a global destination for transportation, trade, and tourism.

Naser Yousef, CEO of Emirates NBD Saudi Arabia, said: “We are honored 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, Head of Corporate & Institutional Banking at Emirates NBD Saudi Arabia, said: “This transaction is a significant milestone for Riyadh Air as it establishes 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.”

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

About Emirates NBD – Saudi Arabia

Emirates NBD – Saudi Arabia was established in 2004 as the first UAE-based bank to operate in the Kingdom. Today, with 21 branches across major cities, the bank offers a comprehensive suite of services, including Retail Banking, Private Banking, SME Banking, Corporate Banking, and Treasury services, all available through a variety of digital platforms like Emirates NBD Mobile and businessONLINE. The bank’s operations align closely with Saudi Vision 2030, reinforcing its commitment to the Kingdom’s economic development.