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Flynas

Aviation

Flynas Overview

Flynas, founded as Nas Air in 2007, is Saudi Arabia’s first privately owned low-cost airline.

Based in Riyadh, Flynas operates over 1,500 flights weekly, covering more than 70 domestic and international destinations across the Middle East, Europe, Asia and Africa.

The airline is partly owned by Prince Alwaleed bin Talal’s Kingdom Holding Company, in which PIF purchased a 17 percent stake in 2023.

In July 2022, PIF signed its first leasing agreement with Flynas, purchasing 12 new A320neo aircraft and then leasing them to Flynas.

Flynas is increasing its fleet in an aim to become the Middle East’s largest low-cost airline currently.

In June 2023 Flynas expanded its fleet order with Airbus to a total of 120 A320neo aircraft. Then in July 2024 it signed a memorandum of understanding to buy 75 A320neos and 15 A330s.

Flynas has a codeshare agreement with Etihad that dates back to 2012. In May 2016 it signed a codeshare agreement with Turkish low-cost carrier Pegasus Airlines.

Flynas News

The company operates luxury hotels in Ibiza and Switzerland as well as owning one of Dubai's biggest party hotels

Dubai’s FIVE considers London or New York listing

Dubai party hotel operator FIVE Holdings is considering listing in London or New York, sources have said. The company, which owns the Pacha hotel and nightclub, has been exploring an initial public offering (IPO) in Dubai, it said. Chairman and founder Kabir Mulchandani said last year the company was worth up to $3 billion and was considering […]

An SMC hospital in Riyadh. The retail subscription for the IPO will run from June 15 to 16

SMC receives $32bn in bids as IPO price is finalised

Specialized Medical Company (SMC), which operates two hospitals in Riyadh, will raise SAR1.9 billion ($506 million) from its listing on the Saudi stock exchange. The final offer price was set at SAR25 per share, the top end of the previously announced initial public offering (IPO) price range. The market capitalisation at listing will stand at […]

Flynas IPO, Saudi IPOs, Saudi listings

Oversubscribed Flynas IPO offers hope for other Saudi listings

The Saudi budget airline Flynas announced that the retail tranche of its initial public offering (IPO) was oversubscribed four and a half times.  The news offers hope for upcoming IPOs in the kingdom following a fall in the share price of United Carton Industries Company (UCIC) after it listed on the main market last week. […]

UCIC, the Middle East’s largest paper packaging company, says its IPO raised $160 million

United Carton’s shares fall on Tadawul first day

Shares in United Carton Industries Company fell on their debut in Riyadh on Tuesday, making it the only Saudi company this year to end its first day below its initial public offering price. UCIC closed at SAR49.25, 1.5 percent below the IPO price of SAR50, in the first Saudi listing since President Donald Trump‘s tariffs […]

Flynas set the IPO price at $21.33 per share – the top end of the range – that will raise SAR4.1 billion to fund its expansion

Flynas sets IPO price as retail tranche opens next week

The retail tranche of Saudi budget airline Flynas’s initial public offering (IPO) will start on May 28 after the institutional tranche was oversubscribed almost 100 times, according to a statement to the Saudi stock exchange. The airline set the IPO price at SAR80 ($21.33) per share – the top end of the range – raising SAR4.1 […]

'Markets have been pretty resilient. That’s slightly against what we have expected, says analyst Shahrukh Saleem

Saudi IPOs bounce back ‘quicker than expected’

Three initial public offerings launched in the past six weeks stand to raise close to $1.8 billion on the Saudi Exchange – nearly twice as much as the IPOs on the main market in the first quarter. This suggests the lull in Saudi IPOs that followed President Donald Trump’s “Liberation Day” announcement on April 2 […]

Workers inspect a Flynas jet on the tarmac in Riyadh. The IPO could value Flynas at up to $3.7bn

Flynas to test appetite for airline IPOs as Gulf rivals look on

Low-cost carrier Flynas is preparing to go public on the Saudi Exchange this month in a deal that is being watched not only by investors but also by Gulf rivals considering their own listings, analysts have told AGBI. Among them is Abu Dhabi’s Etihad Airways, whose long-anticipated initial public offering could be shaped by Flynas’ […]

Saudi billionaire Prince Alwaleed bin Talal speaks at a news conference, in Jeddah, Saudi Arabia, January 20, 2025. REUTERS/Ibraheem Abu Mustafa

Prince Alwaleed’s Flynas seeks $1.1bn in Saudi IPO 

Saudi budget airline Flynas is looking to raise as much as SAR4.1 billion ($1.1 billion) in an initial public offering (IPO) that started this week to finance expansion. The IPO price range was set at between SAR76 and SAR80 per share, implying a market capitalisation of as much as $3.65 billion. The airline, which is […]