Davos Diary: As the WEF party rolls out of town, a tale of two Davoses

A Swiss national flag waves in the wind on the last day of this year’s World Economic Forum annual meeting, in Davos, Switzerland. (AP Photo)
Updated 26 January 2019
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Davos Diary: As the WEF party rolls out of town, a tale of two Davoses

  • There is something sad about the Congress Hall on the last day of the World Economic Forum Annual Meeting
  • The corridors and staircases that throbbed to the chatter of the ‘masters of the universe’ are poignantly silent

DAVOS: The Central Lounge is thinning out, the Global Situation Space is deserted. The Public Figures Lounge — the abode of the global elite these past few days — is spookily vacant, though the specter of Tony Blair still hangs in the air.

The Davos party is over, and it is time to call it a day.

There is something sad about the Congress Hall on the last day of the World Economic Forum Annual Meeting. The corridors and staircases that throbbed to the chatter of the “masters of the universe” are poignantly silent. Even the Swiss cloakroom attendants — the most efficient and welcoming WEF staff — are bored and looking at their watches for the last shuttle back to base camp.

To hear some cynics talk, that’s more or less how it was for the duration of the annual meeting. “There’s nobody here this year” was a common refrain. “Everyone has stayed away” was another.

Well, if by everyone you mean the presidents of the US and China, I suppose they have a point.

While there was plenty going on at Davos 2019, it did lack the big beasts that attended the past couple of years. There was no real focal point, no plenary session you simply had to attend.

Actually, this made the main drag of the Congress Hall a rather more pleasant place to be. It was easier to get around, and it was possible to find some space to work or have a quiet conversation.

But in many ways, it was a tale of two Davoses. Outside the Congress, in the snowy streets and promenades of the Alpine resort, it was if anything more hectic than ever.

The Belvedere, as ever, was the hub of this activity. How much longer the Steigenberger hotel can fulfil this role must be open to question. On Wednesday night, the place was absolutely packed, its narrow corridors and comparatively small salons and cafes bursting at the seams.

One British wag compared it to the intergalactic bar in the movie “Star Wars,” where furry monster aliens got involved in fist-fights. An exaggeration, but not by much.

Outside the Belvedere, the WEF-izaton of Davos was almost complete. Virtually every shop, cafe and restaurant on the Promenade, the town’s main thoroughfare, was taken over by a bank, or a management consultancy, or sometimes a whole country — Ukraine, Poland and Russia rubbing shoulders uneasily in converted stores — for the duration of WEF. I wonder what the Promenade looks like for the rest of the year?

One notable exception is the souvenir shop across the promenade from the Morosani Schweizerhof hotel. The local lore is that the proprietors have no need of the inducements of the WEF because they already make a fortune during the week. Even the global elite have to buy their fake Swiss gold bars, Davos mugs and tacky Swiss branded fondue sets somewhere.

The nighttime hustle along the Promenade seems to get more hectic every year. My big regret at Davos 2019 is that I did not make it inside the legendary Piano Bar in the Hotel Europe, a must-visit every previous year.

I got to the hotel, but security staff refused to admit any more would-be crooners to the bar. A quick peek around the door showed why — it was jammed to the rafters with furry aliens and green creatures with two heads.

  • Frank Kane is an award-winning business journalist based in Dubai. Twitter: @frankkanedubai

Flynas adjusted profit rises 28% to $148m

Updated 6 sec ago
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Flynas adjusted profit rises 28% to $148m

RIYADH: Saudi low-cost carrier flynas posted a 28 percent increase in adjusted annual profit for 2025, as passenger growth and fleet expansion supported earnings despite a statutory loss caused by one-off expenses linked to its public listing.  

Adjusted net profit reached SR556 million ($148.1 million), compared with SR434 million a year earlier, according to a filing on Saudi Exchange. 

The airline reported a statutory net loss of SR527 million, versus a net profit of SR434 million in 2024, after booking SR1.08 billion in non-recurring IPO-related charges, including a one-time employee share-based payment expense and listing fees. 

The Saudi carrier last year raised SR4.1 billion in what marked one of the region’s largest aviation listings. 

The strong financial results of flynas come as a contributor to Saudi Arabia’s goal to establish itself as a global tourist and business destination. The Kingdom aims to attract over 150 million visitors by the end of this decade. 

Bander Al-Mohanna, CEO and managing director, said: “2025 was a year of disciplined execution and strategic progress for flynas. Despite external headwinds, including aircraft availability constraints and regional disruptions, we stayed focused on operational reliability, cost discipline, and network expansion.” 

He added: “Our low-cost model continues to prove resilient, enabling us to serve growing demand for affordable travel while maintaining margin discipline.” 

Adjusted earnings before interest, taxes, depreciation, and amortization increased 15 percent year on year to SR2.51 billion, with margin expanding by 3.2 percentage points to 32.1 percent, reflecting operating scale and continued cost discipline. Total revenue rose 4 percent to SR7.84 billion. 

The company reported revenue through three distinct operating segments. The low-cost carrier segment, which accounted for 90 percent of total revenue, generated SR7.09 billion, up 4 percent from a year earlier, supported by route expansion and higher operating capacity. 

Hajj and Umrah revenue remained broadly stable at SR584 million compared to SR587 million in 2024. General aviation revenue declined 6 percent to SR174 million, contributing 2 percent of total revenue. 

Passenger traffic grew 7 percent to 15.8 million, while available seat kilometers increased by 11 percent, driven mainly by international expansion and capacity deployment across key markets. 

Cost of revenue increased 4 percent to SR6.36 billion, broadly in line with revenue growth. Selling, general, and administrative expenses remained stable at SR510 million. 

Sale-and-leaseback gains totaled SR76 million, compared with SR131 million in 2024.  

The reduction reflects a deliberate strategic shift initiated in 2025, whereby the company began financing a portion of its aircraft directly as part of its long-term strategy to enhance unit cost efficiency.  

“This marks the implementation of a more balanced fleet funding model, combining owned and leased aircraft, and is expected to enhance long-term capital efficiency and support structural CASK improvement,” the statement said. 

The fleet expanded to 71 aircraft by year-end, including eight A320neo deliveries during the year and five wet-leased aircraft added to support network growth and mitigate supply chain constraints.  

In 2025, flynas introduced 25 new routes and 12 destinations across 9 countries, focusing on wider network coverage and expanding international presence to a total of 80 destinations across 38 countries. 

Total assets increased 27 percent to SR17.22 billion, while total equity more than doubled to SR3.55 billion, primarily attributable to higher retained earnings and the recognition of IPO proceeds. 

Flynas’s Chief Financial Officer, Ramzi Zaroubi, said: “We delivered margin expansion across the board, with adjusted EBITDA margin improving to 32.1 percent and adjusted net profit margin reaching 7.1 percent, ahead of our guidance.”

He added: “Beyond the income statement, we made important strides in strengthening the balance sheet, ending the year with significantly enhanced liquidity of SR4.1 billion in cash and equivalents and reducing net debt by 27 percent year on year.” 

Looking ahead, flynas said it remains focused on sustainable growth through scaling capacity efficiently, deepening presence in key markets, and enhancing guest experience.  

In early 2026, the company announced the establishment of a new operational base at Abha International Airport — its fifth in Saudi Arabia — and signed a term sheet to establish flynas Syria, a new low-cost carrier platform, subject to regulatory approvals.