Latest news with #Almohanna
Syyaha
5 days ago
- Business
- Syyaha
Forbes Cover Highlights flynas Historic $1.1 IPO, the First Airline Listing in KSA
Forbes Middle East, the leading financial and economic magazine, highlighted the historic Initial Public Offering by flynas, the leading low-cost airline in the world and the best LCC in the Middle East, that raised $1.1 billion in the first-ever airline listing in Saudi its August edition, Forbes published an exclusive interview with Bander Almohanna, CEO and Managing Director of flynas, with his photo leading the magazine cover, about flynas 'flying ahead' on a new route for the low-cost aviation said that flynas made history being the first ever listed carrier in Saudi Arabia to go public after offering 30% of its shares to the public last June, raising $1.1 billion 'in a landmark IPO'. In the exclusive interview, the magazine explored Almohanna's vision and focus on further route expansion and new destinations for Middle East, the Arabic version of the renowned American magazine Forbes, quoted Almohanna as saying that the offering, which was 100% oversubscribed valuing the airline at $3.6 billion, marks 'a significant milestone not only for flynas but also for the Saudi financial market and the broader aviation sector.'The listing coincided with a surge in IPO momentum across the Gulf. Despite global headwinds, the GCC saw 27 deals raising $4.1 billion in the first half of 2025, with flynas topping the list with more than 25% of the total capital raised, Forbes highlighted.'flynas benefited from the Kingdom's resilience, robust growth, and the clarity of Vision 2030,' Almohanna said, highlighting the aviation's key role in the national said that Almohanna has joined flynas since its early stages as the Chief Financial Officer of the group, that was launched in 2007, and played a central role in flynas's evolution. With a background in finance, including a stint at the Saudi Arabian Monetary Agency from 1993 to 2002 in the Banking Supervision Department, transitioning from finance to aviation was a strategic evolution for Almohanna. 'My financial background gave me a solid foundation in understanding the economic dynamics of the airline industry,' Almohanna told Forbes. 'It has allowed me to make informed, data-driven decisions that support long-term operational and financial sustainability – something every CEO should be equibbed to do,' he was promoted to Executive Vice President in 2008 and became managing director and CEO in 2015, leading the flynas Group (flynas, NASJET, and flynas Hajj & Umrah) through rapid quoted Aljoharah Alsmari, VP of Investment Banking at BSF Capital, a lead manager of the IPO, as saying, 'As the only independent low-cost carrier in Saudi Arabia, flynas is internationally recognized for its operational efficiency and rapid growth.'As new entrants to the market emerge and legacy carriers expand, flynas continues to differentiate itself through its regional footprint, aggressive fleet expansion, and strategic focus on high-growth segments, particularly religious tourism, Forbes said. 'Competition is always welcome – it drives innovation,' Almohanna 2018, flynas launched its 'We Connect the World to the Kingdom' strategy, targeting international destinations that had not previously had direct routes to Saudi Arabia, Forbes said. Flynas plans to more than double its current fleet to 160 aircraft by 2030, with its network set to grow from over 70 destinations to 165 and more than 300 routes, Forbes for MENA's aviation sector, Almohanna sees a strong potential. 'Saudi Arabia, in particular, has all the right ingredients to become an aviation powerhouse,' he stressed. flynas, the leading low-cost airline in the world and the best LCC in the Middle East, and the first airline listed on the Saudi Exchange (Tadawul) operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030.
Syyaha
17-06-2025
- Business
- Syyaha
Skytrax Crowns flynas as the Best Low-Cost Airline in the Middle East for the 8th Consecutive Year.. During the Paris International Air Show
Riyadh, June 17, 2025 – flynas, the leading low-cost airline in the world and the best LCC in the Middle East, has kept its global and regional leading ranking in low-cost aviation for 2025 after being named the leading low-cost airline in the Middle East for the eighth time in a row and among the top 10 low-cost airlines in the world, according to the prestigious International Skytrax Organization—widely regarded as the benchmark for excellence in the global aviation was crowned with the global ranking during the annual Skytrax Awards ceremony, held on the sidelines of the Paris International Air Show and attended by leaders and experts in the aviation industry in the achievement highlights flynas' continued leadership in the low-cost aviation sector across the Middle East and worldwide. It contributes to consolidating Saudi Arabia's position as a global hub for the travel and tourism industries. Moreover, it reflects the airline's ongoing commitment to excellence while balancing growth and profitability, as outlined in flynas' growth and expansion plan and in alignment with the goals of Saudi Vision 2030 and the National Civil Aviation on the global recognition, Bander Almohanna, CEO of flynas, said: 'We take great pride in being ranked the top low-cost airline in the Middle East for the eighth consecutive year and among the top 10 low-cost airlines worldwide. This achievement reflects the Kingdom's leadership in the aviation industry and our dedication to delivering a high-quality travel experience to our valued guests.''This recognition is the result of our team's hard work and dedication and the great support we receive from our wise leadership. It strengthens our ambition to continue expanding according to our growth and expansion plan launched under the slogan 'We Connect the World to the Kingdom,' Almohanna Skytrax World Airline Awards are determined every year through an extensive customer satisfaction survey involving millions of travelers from around the globe. This comprehensive methodology ensures the awards are among the most trusted and influential honors in the aviation industry. flynas operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030.
Saudi Gazette
05-05-2025
- Business
- Saudi Gazette
Flynas announces IPO plans with 30% stake to be listed on Saudi Exchange
Saudi Gazette report RIYADH — Saudi low-cost carrier flynas announced on Monday its intention to proceed with an initial public offering (IPO) and list its shares on the Main Market of the Saudi Exchange (Tadawul), following approval by the Capital Market Authority (CMA) on March 26. The IPO will consist of 51.26 million ordinary shares, representing 30% of the company's post-offering share capital. This includes 33.83 million existing shares to be sold by current shareholders, 8.32 million treasury shares, and 17.43 million newly issued shares. The offering will be open to both institutional and individual investors, with the final offer price to be determined through a book-building process. The subscription period for individual investors will begin on Wednesday, May 28, 2025, and close on Sunday, June 1, 2025. Final allocation of shares is expected by Tuesday, June 3, and any refund of excess subscription amounts will be made by Thursday, June 5. Commenting on the announcement, Bander Almohanna, CEO and Managing Director of flynas, said: "We are pleased to announce that flynas intends to offer its shares to the public through an initial public offering — 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." He added: "This IPO offers investors the opportunity to participate in the growth journey of a high-value airline operating within one of the world's fastest-growing aviation markets — the Kingdom of Saudi Arabia and the GCC. It also highlights the remarkable transformation flynas has undergone since its founding in 2010." According to the company, net proceeds from the new share issuance will be used to support flynas' fleet expansion, extend its network, and fund general corporate activities. Proceeds from the sale of existing shares and treasury stock will be distributed among current shareholders. Founded in 2010, flynas operates 72 destinations across 30 countries, with a fleet of 61 aircraft and firm orders for 195 narrow-body and 15 wide-body Airbus aircraft. The airline reported SR7.56 billion in revenue in 2024, an EBITDA of SR2.18 billion, and net profit of SR434 million. "As the only independent airline in Saudi Arabia and the leading low-cost carrier in the region, we are uniquely positioned to benefit from the strong demand driven by the Kingdom's aviation and tourism strategies," Almohanna said. "We remain focused on strengthening our market share on key domestic routes while strategically expanding into underserved international markets." He also emphasized the company's role in religious travel: "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 — supported by our regional leadership and operational flexibility." flynas operates from four strategic hubs: Riyadh, Jeddah, Dammam, and Madinah. In 2024, the airline carried 14.7 million passengers, up from 11.2 million in 2023, with an 86% seat occupancy rate and an 88% on-time performance. "Our ambitious fleet expansion — including the addition of wide-body aircraft — will further support our growth across all key segments," Almohanna said. "With an all-Airbus fleet and a robust order book, we are well prepared to meet rising travel demand within, from, and to the Kingdom." He concluded: "As we move toward becoming the first airline to be listed on the Saudi Stock Exchange, we are excited to welcome new shareholders to flynas' ambitious journey." The offering is being led by BSF Capital as the lead manager, with Goldman Sachs Saudi Arabia, Morgan Stanley Saudi Arabia, Al Rajhi Capital, Citigroup Saudi Arabia, anb capital, and Emirates NBD Capital KSA serving as bookrunners.
Gulf Business
30-04-2025
- Business
- Gulf Business
Comfort for less: A sneak peek at Saudi's flynas' latest-generation seats
Image credit: Saudi Press Agency/Website flynas, the Saudi air carrier and a leading low-cost airline in the Middle East and globally, has signed an agreement to equip its new Airbus A320neo aircraft with the latest-generation seats. Read- This agreement marks a new benchmark for comfort in low-cost aviation. The airline has partnered with Safran, one of the world's top manufacturers of aircraft seats. Image credit: Saudi Press Agency/Website Agreement signing The agreement was signed during flynas' participation in the Arabian Travel Market, held in Dubai from April 28 to May 1. The signing ceremony was attended by flynas Chairman Ayed Al Jeaid, Managing Director and Chief Executive Officer Bander Almohanna, and Safran Seats France Executive Vice President Quentin Munier. New seats for flynas The partnership will outfit flynas cabins with seats specially designed for the airline. These new economy-class seats will feature distinctive designs, smart cushions, and modern technologies to enhance passenger comfort. As flynas operates A320neo aircraft on flights of up to six hours, the new seats are well-suited for both medium- and long-haul journeys, 'Through our strategic partnership with Safran, we are preparing to reshape our future cabins with smart designs, stylish features, and next-level technologies,' said Almohanna. Supporting growth and expansion 'This partnership aligns with our growth and expansion strategy, launched in parallel with the National Civil Aviation Strategy. The strategy aims to connect Saudi Arabia with 250 international destinations, accommodate 330 million passengers, and host 100 million tourists annually by 2030. It also supports the objectives of the Pilgrims Experience Program to facilitate access to the Two Holy Mosques,' Almohanna added. 'This marks our first collaboration with flynas, and we are delighted to support its operations in the coming years,' said Munier. He highlighted that the new Z200 seats offer benefits for both passengers and airlines. flynas ranked among the best Z200 seats: Comfort meets efficiency The Z200,
