Latest news with #Flynas'
Daily Tribune
19-05-2025
- Business
- Daily Tribune
Saudi Airline Flynas Lands in Iran for First Time in Nearly a Decade
In a landmark development that underscores the warming ties between Saudi Arabia and Iran, Saudi-based low-cost airline Flynas landed in Tehran on Saturday night, marking the first direct flight between the two nations in nearly a decade. The flight is a major milestone in the ongoing normalization of diplomatic relations between Riyadh and Tehran, which have steadily improved following a China-brokered agreement in 2023 to restore diplomatic missions and enhance cooperation. The resumption of air travel is seen as a symbolic and practical step toward deeper economic, religious, and political engagement. The move is expected to ease travel for pilgrims, businesspeople, and families, and promote further dialogue and stability in the region. This historic flight also reflects the broader shift in the geopolitical landscape of the Middle East, where once-tense relationships are being recalibrated through diplomacy and mutual interest. Flynas' return to Iranian airspace after nearly a decade highlights a shared commitment by both nations to move past old hostilities and chart a new course for collaboration and peace.
Asharq Al-Awsat
01-03-2025
- Business
- Asharq Al-Awsat
Saudi Banks Poised to Benefit as Local Aircraft Deals Surpass $100 Billion
Bandar Al-Mohanna, CEO and Managing Director of Flynas, stated that aircraft deals by Saudi national carriers have surpassed $100 billion at list prices. He highlighted this as a major opportunity for local banks to provide innovative financing solutions backed by strong asset guarantees, citing the partnership between Flynas and AviLease, a Public Investment Fund (PIF) subsidiary specializing in aircraft leasing, as a prime example. His remarks followed Flynas' announcement on Thursday of a Murabaha financing agreement with Bank AlJazira worth SAR495 million ($132 million) to fund the acquisition of three new Airbus A320neo aircraft. Al-Mohanna emphasized that Flynas is not just purchasing planes but is actively building an integrated aviation ecosystem. Strengthening partnerships with Saudi banks is a key part of this strategy, he said, stressing that the company seeks to develop financing programs that support long-term financial sustainability and drive continued growth in the aviation sector. He also reaffirmed Flynas' commitment to prioritizing partnerships with national institutions, further strengthening the local aviation industry and aligning with Saudi Arabia's broader financial and aviation sustainability goals. The Murabaha financing deal with Bank AlJazira is part of Flynas' wider efforts to support the Saudi financial sector by enhancing competitiveness and developing advanced financial products tailored to the aviation industry's evolving needs.
Zawya
28-02-2025
- Business
- Zawya
Flynas and Bank AlJazirah ink SAR 495mln aircraft financing deal for 3 new airbus A320 NEOs
Riyadh: Flynas, the leading low-cost carrier in the Middle East, announces the successful closure of a Murabaha financing agreement with Bank Aljazira worth SAR 495 Million ($132 million) to finance the acquisition of three state-of-the-art Airbus A320neo aircraft. This initiative is part of the airline's efforts to support the Saudi financial sector and enhance its competitiveness by developing sophisticated financial products tailored for aviation. This agreement aligns with Flynas' strategy to foster stronger collaboration between the aviation industry and local financial institutions, contributing to the creation of advanced financial products that enhance the Saudi financial market and provide unique investment opportunities for the local banking sector. It also underscores Flynas' commitment to prioritizing Saudi companies in benefiting from its future expansions, thereby building a robust and integrated aviation ecosystem that supports the objectives of Saudi Vision 2030. Commenting on the agreement, Bander Almohanna, CEO of Flynas, stated: "We take great pride in strengthening our collaboration with national financial institutions such as Bank AlJazira. Through these partnerships, we aim to introduce innovative and advanced financial products that enhance the Saudi financial market and allow it to capitalize on the aviation sector's growth. We remain steadfast in our commitment to prioritizing Saudi companies in our expansion plans, ensuring the development of a robust and sustainable national aviation ecosystem aligned with Saudi Vision 2030." Almohanne added: 'In line with the directions of the General Authority of Civil Aviation (GACA), emphasizing the importance of strengthening local partnerships and developing national capabilities in the aviation sector, Flynas actively pursues this vision through continuous collaboration with Saudi financial institutions. This agreement follows a previous milestone with Saudi leasing company AviLease, where Flynas became the first airline to sign a purchase and leaseback agreement for 12 Airbus A320neo aircraft, reinforcing the role of national companies in supporting the aviation industry. The newly acquired aircraft are expected to enhance flynas' network coverage, improve operational efficiency, and elevate the passenger experience while emphasizing environmental sustainability, further demonstrating flynas' commitment to fostering innovation and growth in the Saudi aviation sector.
