Saudi Arabia’s budget airline flynas has acquired a $225 million (844 million riyal) Murabaha corporate finance facility out of a total investment package of $599.86 million (2.25 billion riyal) to help it expand further, according to a press release.

“The funding package will support flynas ambitious future growth goals to become the Middle East and North Africa region’s largest and leading independent low-cost airline,” said Bander Almohanna, Chief Executive Officer and Managing Director of flynas.

“These facilities will accelerate achieving the civil aviation strategy, which aims to increase the annual passenger traffic in the Kingdom of Saudi Arabia to 330 million passengers while linking the Kingdom to more than 250 destinations around the world”, President of the General Authority of Civil Aviation Abdulaziz bin Abdullah al-Duailej said on the sidelines of the Future Aviation Forum.

“The deal will also enhance the efficiency of the air transport sector in the Kingdom of Saudi Arabia and further confirms flynas capacity to play an instrumental role in achieving this strategy,” he added.

According to the press release, the financing was reportedly arranged by Credit Suisse and syndicated to several Saudi banks with leading participation from Banque Saudi Fransi, Arab National Bank, al-Rajhi Banking and Investment Corporation, and Bank Aljazeera, with Banque Saudi Fransi acting as Facility Agent.

In March, the company’s strategic plan was approved by the Board of Directors in which they agreed to increase the volume of its orders to 250 aircraft.

Once these agreements are concluded, “flynas will become the largest low-cost airline in the Middle East and North Africa (MENA) region. It will also be the largest owner and operator of modern aircraft in the region,” the company said in the statement.

Since its establishment in 2007, flynas has transported more than 60 million passengers as it connects more than 70 domestic and international destinations through its fleet of more than 35 aircraft.