Kingdom Holding Company (KHC), a multi-business company based in Saudi Arabia, announced that the Saudi Arabia’s LCC Flynas, 34.08% owned by KHC, has finalized an $8.6 billion deal with Airbus for the purchase of new aircraft. The company said that the ceremonial event would take place on Monday, 16th January 2017.

Bloomberg News reported on Wednesday that a Flynas order for A320 short to medium haul jets was imminent. Citing a person with knowledge of the matter, Bloomberg said the airline had been considering a deal for 60 planes and an option for 40. The 10-year-old airline exclusively operates the A320, with a fleet of 29 as of last February, according to its website. It serves 33 domestic and international destinations with nearly 1,000 weekly flights. Saudi Arabian aviation now also welcomes new LCCs Nesma and SaudiGulf, adding the competitors for the state-owned flag carrier Saudia Airlines.

Among the measures is development of the kingdom´s tourism sector, privatization of state-owned services including airports, and a linking of transport networks to position Saudi Arabia as a regional logistics hub. Flynas is a low-cost airline previously known as Nas Air that flies to domestic Saudi and regional destinations.