Investor: Saudi airline Flynas to buy $8.6B in Airbus planes

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A major shareholder in Saudi airline Flynas says the discount carrier has reached a deal to buy $8.6 billion worth of planes from European plane-maker Airbus.

Saudi billionaire Prince Alwaleed bin Talal's Kingdom Holding Company announced the deal Thursday, though it did not say how many aircraft or what type were involved. Kingdom owns just over a 34 percent stake in the Riyadh-based airline.

Airbus declined to provide details other than to confirm that a formal announcement was expected Monday. Flynas could not be reached for comment.

Flynas is a low-cost airline previously known as Nas Air that flies to domestic Saudi and regional destinations.