Saudi Arabian in $2.9bn debt to Gaca
Riyadh, August 17, 2013
Saudi Arabian Airlines, the national carrier of the kingdom, is in debt and owes the General Authority for Civil Aviation (Gaca) up to SR11 billion ($2.93 billion), a report said.
Senior government officials mediated and arranged a repayment of SR2.6 billion, Arab News report quoted a source as saying.
Gaca slammed additional fines of SR1.5 billion on the airline due to delays in repayment, and later SR1.3 billion following the reorganisation of the authority, raising the debts of company to more than SR 11 billion, the report said.