Shareholders strengthen “Sama Airlines” with additional SR200 million of financing
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Middle East,
Sama
Sama Airlines announced that Sama shareholders have decided to strengthen Sama's financial position with further SR200 million of financing (USD 53.33 million)
HRH Prince Bandar bin Khalid al Faisal, Chairman of Sama said: “Sama’s shareholders have been very encouraged by the progress Sama has made in the past year since launch. Sama has achieved a number of major milestones that currently demonstrate how the business is progressing.
Prince Bander added: “Of particular importance to shareholders in making this further financing available is our success in gaining early access to international routes. This has meant that Sama has the opportunity to fly routes profitability, despite the increase in fuel prices, for which Sama receives no subsidy. We could not have reached this point without the continued support of the General Authority of Civil Aviation, GACA, for which we are very thankful.”
Andrew Cowen, CEO of Sama said: “We are delighted that Sama’s shareholders are investing further in the development and growth in Sama, especially during this difficult time of very high oil prices. Sama has seen very strong bookings on international routes, clearly demonstrating the huge demand for quality, low fares regional travel between Saudi Arabia and the Middle East. Our revenues have increased over 250% for first half of 2008 and our international routes have already moved into profitability."
Mr. Cowen went on to say: “We are very pleased that along with bringing low fares to the market, we have also been able to bring some innovations that simplify the whole travel experience. More than 50% of our guests choose to book over the Internet with us. Sama is the first and the only airline in Saudi Arabia and the Middle East enabling guests to pay for their booking through the ATM's making use of the SADAD network.”
About Sama
Sama flies to 12 domestic destinations (Dammam, Riyadh, Jeddah, Abha, Jizan, Hail, Arar, Jouf, Tabouk, Rafha, and Bisha) and 10 international destinations across the Middle East (Abu-Dhabi, Sharjah, Amman, Damascus, Latakia, Aleppo, Beirut, Alexandira, Asiut and Sharm el Sheikh).
(c) Centre for Asia Pacific Aviation. Date posted: 21-Jul-08
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Shareholders strengthen “Sama Airlines” with additional SR200 million of financing 
