The Saudi low-cost carrier, which only launched operations late last year, has revealed a series of ambitious expansion plans during the week of the Dubai Airshow, culminating in this latest announcement.
Company chairman Ayed al-Jeaid says the airline will invest $4bn on new planes between now and 2012, as it seeks to broaden its network within the kingdom and across the region.
NAS president Taher Agueel says the company is assessing proposals from local and international banks to finance the purchases.
NAS had already placed an order for 20 Airbus A320 aircraft at the Dubai Airshow.
It plans to float up to 30 per cent of the company on the stock market.