Manufacturing Industry
Saudi Arabia's Sama Airlines secures additional financing
Airline Industry Information, July 15, 2008
AIRLINE INDUSTRY INFORMATION-(C)1997-2008 M2 COMMUNICATIONS LTD
Shareholders of Sama Airlines, a new airline based in Saudi Arabia, are to provide a further SAR200m of financing.
The funding will be used for ongoing development and expansion of the carrier, which currently flies to 12 domestic destinations and 10 international destinations across the Middle East.
The airline was established with an investment of SAR300m. Its international routes are already profitable, while domestic services remain "chronically unprofitable", Sama Airlines said, because of the combination of the domestic fare cap in Saudi Arabia and escalating oil prices.
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