Kingdom Holding Co, which owns a 34 percent stake in the airline, said flynas has finalised the "deal with Airbus for the purchase of new aircraft."
The statement gave no details of the number or type of planes that flynas will acquire.
The 10-year-old airline operates both domestic and international routes.
Riyadh-based Kingdom Holding is chaired and 95 percent owned by Prince Alwaleed bin Talal.
It is a vast global investor with shares in the Euro Disney theme park, Apple, News Corporation and the US banking giant, Citigroup, among others.
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