The kingdom’s markets regulator announced on Friday that the Saudi Arabian low-cost airline Flynas, supported by billionaire Prince Alwaleed Bin Talal, intends to list on the Riyadh stock exchange. According to a statement from the Saudi capital markets authorities, the nearly two-decade-old company is moving forward with plans to sell a 30% interest, joining a wave of businesses that have rushed to Gulf bourses in recent years.
According to the statement, the flynas prospectus will be released before the subscription period begins. Saudi Arabia has made tourism a top priority for its domestic economic strategy, and the airline is slated to launch after a years-long growth in the airline business following the COVID-19 pandemic. After Kuwait’s Jazeera Airways and the United Arab Emirates’ Air Arabia, the listing would be the first by a Gulf airline in almost 20 years and only the third overall.
Flynas, which began as Nas Air in 2007, operates more than 60 Airbus A320 and A330 aircraft to more than 70 destinations. By 2030, the airline hopes to have 160 aircraft in its fleet. Among its investors is Kingdom Holding, a Saudi investment firm established by Prince Alwaleed, who was formerly the most well-known foreign investor in the nation and acquired stakes in businesses such as Citigroup, Twitter, and Four Seasons.
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