Saudi Arabia's low-cost airline Flynas plans to launch an initial public offering on the Tadawul stock exchange with a 30 per cent stake sale, amid the kingdom's ambitions to grow its aviation sector.
The company will offer 51.25 million shares to investors, including 17.42 million new shares amounting to 10.2 per cent of the total offer, becoming the first airline to be listed on the Tadawul, it said on Monday. It will also be the first airline to be listed in the Gulf in nearly two decades.
Flynas, which has billionaire businessman Prince Alwaleed bin Talal as one of its main backers, said the bookbuilding period will run from May 12 to May 18. The retail subscription will open on May 28 and close on June 1.
The IPO is a “strategic step that will accelerate the execution of our growth ambitions and solidify our position as the leading low-cost carrier for short- and medium-haul flights across the Middle East and North Africa by 2030", said Bander Al Mohanna, chief executive and managing director of Flynas.
“We remain focused on strengthening our market share on key domestic routes while strategically expanding into underserved international markets,” he said.
“The Hajj and Umrah segment is a cornerstone of our strategy, and we are well-positioned to serve the growing demand for religious travel to the holy cities of Makkah and Madinah.”
Flynas, which began operations as Nas Air in 2007, currently serves 72 domestic and international destinations.
The company reported a net profit of 434 million Saudi riyals ($115.7 million) last year, up from 401 million in 2023. Its revenue last year also rose by about 17 per cent to 7.5 billion riyals.
The airline carried 10.9 million passengers in the first nine months of last year, up from 7.9 million during the same period in 2023.
The all-Airbus operator, which has a fleet of 61 aircraft, said in February that it expects to receive more than 100 Airbus aircraft over the next five years, with its fleet anticipated to reach more than 160 aircraft by the end of 2030. These form part of its orders for 280 aircraft worth over 161 billion riyals. It will include the addition of 30 A330 neo wide-body aircraft.
“Our ambitious fleet expansion – including the addition of wide-body aircraft – will further support our growth across all key segments,” Mr Al Mohanna said.
The move to list the low-cost airline comes amid Saudi Arabia's broader aviation sector strategy that seeks to unlock $100 billion in private and government investment across the kingdom’s airports, airlines and aviation support services.
As part of the strategy, the kingdom aims to welcome 330 million passengers, ensure connectivity with 250 destinations and develop cargo capacity of 4.5 million tonnes by 2030. Under that plan, it also established the new carrier Riyadh Air, which will begin operations this year.
The listing of Flynas also comes amid a surge in IPOs in Saudi Arabia and growing investor demand. The kingdom led the Gulf region in terms of volumes with 15 Tadawul IPOs and 27 Nomu listings last year, according to PwC. The companies raised more than $4.3 billion from the listings.
UAE currency: the story behind the money in your pockets
The%20specs
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Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
New schools in Dubai
UAE currency: the story behind the money in your pockets
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Jeff Buckley: From Hallelujah To The Last Goodbye
By Dave Lory with Jim Irvin
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%3Cp%3EMinisterial%20experience%3A%20Current%20Foreign%20Secretary.%0D%3Cbr%3E%0DWhat%20did%20she%20do%20before%20politics%3F%20Worked%20as%20an%20economist%20for%20Shell%20and%20Cable%20and%20Wireless%20and%20was%20then%20a%20deputy%20director%20for%20right-of-centre%20think%20tank%20Reform.%0D%3Cbr%3E%0DWhat%20does%20she%20say%20on%20tax%3F%20She%20has%20pledged%20to%20%22start%20cutting%20taxes%20from%20day%20one%22%2C%20reversing%20April's%20rise%20in%20National%20Insurance%20and%20promising%20to%20keep%20%22corporation%20tax%20competitive%22.%3C%2Fp%3E%0A
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20Adil%20El%20Arbi%20and%20Bilall%20Fallah%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarring%3A%20%3C%2Fstrong%3EWill%20Smith%2C%20Martin%20Lawrence%2C%20Joe%20Pantoliano%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203.5%2F5%3C%2Fp%3E%0A
The specs
- Engine: 3.9-litre twin-turbo V8
- Power: 640hp
- Torque: 760nm
- On sale: 2026
- Price: Not announced yet
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%3Cp%3EAriana%E2%80%99s%20Persian%20Kitchen%3Cbr%3EDinner%20by%20Heston%20Blumenthal%3Cbr%3EEstiatorio%20Milos%3Cbr%3EHouse%20of%20Desserts%3Cbr%3EJaleo%20by%20Jose%20Andres%3Cbr%3ELa%20Mar%3Cbr%3ELing%20Ling%3Cbr%3ELittle%20Venice%20Cake%20Company%3Cbr%3EMalibu%2090265%3Cbr%3ENobu%20by%20the%20Beach%3Cbr%3EResonance%20by%20Heston%20Blumenthal%3Cbr%3EThe%20Royal%20Tearoom%C2%A0%3C%2Fp%3E%0A
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
The specs
Engine: 8.0-litre, quad-turbo 16-cylinder
Transmission: 7-speed auto
0-100kmh 2.3 seconds
0-200kmh 5.5 seconds
0-300kmh 11.6 seconds
Power: 1500hp
Torque: 1600Nm
Price: Dh13,400,000
On sale: now
Global state-owned investor ranking by size
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Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
How do Sim card scams work?
Sim swap frauds are a form of identity theft.
They involve criminals conning mobile phone operators into issuing them with replacement Sim cards by claiming to be the victim, often pretending their phone has been lost or stolen in order to secure a new Sim.
They use the victim's personal details - obtained through criminal methods - to convince such companies of their identity.
The criminal can then access any online service that requires security codes to be sent to a user's mobile phone, such as banking services.
The biog
Full name: Aisha Abdulqader Saeed
Age: 34
Emirate: Dubai
Favourite quote: "No one has ever become poor by giving"
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%3A%3C%2Fstrong%3E%20Vault%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3EJune%202023%3Cbr%3E%3Cstrong%3ECo-founders%3A%20%3C%2Fstrong%3EBilal%20Abou-Diab%20and%20Sami%20Abdul%20Hadi%3Cbr%3E%3Cstrong%3EBased%3A%20%3C%2Fstrong%3EAbu%20Dhabi%3Cbr%3E%3Cstrong%3ELicensed%20by%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3EIndustry%3A%20%3C%2Fstrong%3EInvestment%20and%20wealth%20advisory%3Cbr%3E%3Cstrong%3EFunding%3A%20%3C%2Fstrong%3E%241%20million%3Cbr%3E%3Cstrong%3EInvestors%3A%20%3C%2Fstrong%3EOutliers%20VC%20and%20angel%20investors%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%20%3C%2Fstrong%3E14%3Cbr%3E%3C%2Fp%3E%0A
NO OTHER LAND
Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal
Stars: Basel Adra, Yuval Abraham
Rating: 3.5/5
Company%20profile
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Safety 'top priority' for rival hyperloop company
The chief operating officer of Hyperloop Transportation Technologies, Andres de Leon, said his company's hyperloop technology is “ready” and safe.
He said the company prioritised safety throughout its development and, last year, Munich Re, one of the world's largest reinsurance companies, announced it was ready to insure their technology.
“Our levitation, propulsion, and vacuum technology have all been developed [...] over several decades and have been deployed and tested at full scale,” he said in a statement to The National.
“Only once the system has been certified and approved will it move people,” he said.
HyperloopTT has begun designing and engineering processes for its Abu Dhabi projects and hopes to break ground soon.
With no delivery date yet announced, Mr de Leon said timelines had to be considered carefully, as government approval, permits, and regulations could create necessary delays.
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Killing of Qassem Suleimani
Common%20symptoms%20of%20MS
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The six points:
1. Ministers should be in the field, instead of always at conferences
2. Foreign diplomacy must be left to the Ministry of Foreign Affairs and International Co-operation
3. Emiratisation is a top priority that will have a renewed push behind it
4. The UAE's economy must continue to thrive and grow
5. Complaints from the public must be addressed, not avoided
6. Have hope for the future, what is yet to come is bigger and better than before
