Saudi airline halts services after $266 mn loss

CAIRO - Saudi low-cost airline Sama is stopping its services amid heavy losses of $266 million, regional news network al-Arabiya reported Sunday.

The airline is based in the city of Dammam. The Saudi Civil Aviation Authority has been formally informed of the decision.

Sama has flown to domestic and international destinations since beginning operations in 2007, and is chaired by Prince Bandar bin Khaled bin Faisal. It competes with the state-owned Saudi Arabian Airlines and another budget carrier.