Saudia Group has signed a memorandum of understanding in Paris to explore and arrange financing solutions for the acquisition of new Airbus aircraft. The agreement, announced on 25 August 2026, is a three-way signing between Saudia, the Saudi Export-Import Bank and Credit Agricole CIB, the corporate and investment banking arm of Credit Agricole Group.
The memorandum was signed on the sidelines of the French-Saudi Investment Roundtable hosted by the Ministry of Investment, an event intended to strengthen economic and investment partnerships between Saudi Arabia and France. It took place during a visit to France by Crown Prince Mohammed bin Salman.
"Under the memorandum, Saudia will implement its investment plans to expand and modernize its fleet," the announcement said. "Credit Agricole Corporate, as financier and arranger, will structure and arrange the necessary financing for aircraft purchases in line with delivery schedules." Saudi EXIM Bank, as the Kingdom's export credit agency, will support the financing by providing insurance coverage for the credit risks associated with the transactions.
The document was signed by Ibrahim Al-Omar, director general of Saudia Group, Saad Al-Khalb, chief executive of Saudi EXIM Bank, and Andre Zervudachi, managing director at Credit Agricole CIB.
"The memorandum reflects an integrated approach to export financing, combining the risk-bearing capacity of national institutions with the liquidity and specialized expertise of international financial institutions," a spokesperson said, adding that it also aims to enhance the competitiveness of Saudi companies and expand their capacity to undertake growth-oriented investments in international markets.
The financing structure matters because of the size of the order book behind it. Saudia currently operates an active fleet of more than 150 aircraft, including Boeing 777s and 787s, and is awaiting delivery of 60 A321neos, 13 A321XLRs, 21 787-10s and 13 787-9s. Funding deliveries on that scale over several years is a capital-intensive exercise, and pairing a commercial arranger with an export credit agency is a well-established way to spread that risk.
Export credit support of this type became far less common in commercial aviation after the 2011 Aircraft Sector Understanding reshaped the market, and Airbus and Boeing customers spent much of the following decade financing deliveries through commercial debt, sale-and-leaseback and capital markets instead. A structure that puts a national export credit agency alongside a European bank is therefore a notable, if not unprecedented, arrangement.
Saudia has been signalling a larger fleet ambition for some time. Reports circulated earlier this year that the group was considering a major order that could include at least 150 jets from Boeing and Airbus, covering both commercial and freighter operations. In July 2026, Saudia Cargo announced an agreement with Boeing for four new 777-200 freighters, adding to the four it already operates.
Sources: AeroTime, Saudi Press Agency. Featured image: AI-generated by AviationShop. By Elena Vargas.
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