Sama welcomes financial boost

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Sama has received SR200 million cash boost.

Saudi Arabia’s low-cost carrier Sama has received SR200 million (US $53 million) worth of financing from its shareholders.

“This is a tremendous message of support for our strategy and for the milestones we have achieved,” said Sama CEO Andrew Cowen.

“With oil prices affecting the market as they are this demonstrates that the original vision we had remains in place and we can continue to progress despite the challenging climate.”

Cowen declined to reveal how the additional funding would be spent.

“Our plans remain about expanding; we’ve barely even scratched the surface of what we want to achieve despite the fantastic response we’ve received so far,” he said.

“But we’re choosing our steps carefully; the price of airplanes hasn’t really adjusted to reflect the reality of the market at present.

“In the short-term - the next couple of months - we’ll see what happens with the market and then make a decision. Long-term we will always be about growth.”

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