Saudi Arabia's National Air Services (NAS) said it had signed agreements with Airbus to buy 38 A320 aircraft worth at least 9 billion riyals ($2.4 billion).

The agreements are part of NAS's plans to spend 15.5 billion riyals on 98 new aircraft over the next five years, the company said in a statement.

Airbus said earlier it had signed a letter of intent with NAS for 20 A320s.