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The story
Sama was founded in March 2007 by Investment Enterprises Ltd, chaired by Bandar bin Khalid Al Faisal. Initial investment was received from 30 major Saudi private and institutional investors including Olayan Financial Co, Xenel Industries Ltd, Saudi Industrial Services Co, Sara Development Company Ltd and Modern Investment Company for Trade and Industries. The airline initially focused on domestic flights, then added international destinations during 2008. Another major restructuring occurred during 2009, when the airline's timetables were optimized towards high aircraft utilization in an attempt to improve the financial results of the company (which also saw unprofitable routes being dropped, and frequencies for successful destinations being increased).
On 24 August 2010, the airline was forced to shut down because of budgetary constraints arising out of poor funding, which had resulted in a 266 million U.S. dollar loss.
From Wikipedia’s article on Sama (airline), shared under CC BY-SA 4.0.4