Saudi budget carrier flyadeal says domestic market close to pre-COVID levels

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Updated 07 October 2021
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Saudi budget carrier flyadeal says domestic market close to pre-COVID levels

  • The airline is now operating 19 domestic routes to 14 cities, and has one international service from Riyadh to Dubai

Saudi Arabia's domestic air travel market is witnessing a sharp recovery, with passenger numbers now close to pre-pandemic levels, said the chief executive of state-owned budget carrier flyadeal on Thursday.

The kingdom, with a population of about 30 million, is by far the largest domestic air travel market in the Gulf, where most countries are small and only have international services.

"The domestic market is pretty much not far off being back to 100 percent. It's around the 90 percent mark," Con Korfiatis told Reuters in an online interview.

Flyadeal, a subsidiary of state carrier Saudi Arabian Airlines, resumed flights within Saudi Arabia in late May 2020 after services were suspended that March due to the COVID-19 pandemic, and had itself returned to full capacity by October.

The airline is now operating 19 domestic routes to 14 cities, and has one international service from Riyadh to Dubai.

More international flights are scheduled to launch this year, and there are plans to operate more such flights from Riyadh and start international services from Jeddah and Dammam.

Korfiatis said Flyadeal is due to take delivery between now and the end of the year of 4 more aircraft from its 2019 order for 30 Airbus (AIR.PA) A320neo jets. It has received 3 so far.

There are 15 A320 jets in the fleet as of today, mostly leased 'CEO' models which Korfiatis said would likely be phased out when their leases expire around 2025.

The airline will also likely next year exercise purchasing options for an additional 20 A320neos, though it says no decision has been made just yet.

"We need more aircraft," Korfiatis said.


Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

Updated 02 February 2026
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Closing Bell: Saudi main index extends gains as market opens wider to foreign investment

RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Monday, gaining 153.61 points, or 1.38 percent, to close at 11,321.09.

The total trading turnover of the benchmark index was SR5.85 billion ($1.56 billion), as 207 of the listed stocks advanced, while 55 retreated.

The MSCI Tadawul Index increased, up 21.20 points or 1.41 percent, to close at 1,524.18.

The Kingdom’s parallel market Nomu gained 278.13 points, or 1.17 percent, to close at 24,013.03. This comes as 43 of the listed stocks advanced, while 29 retreated.

The best-performing stock was Saudi Pharmaceutical Industries and Medical Appliances Corp., with its share price surging by 7.26 percent to SR28.94.

Other top performers included Rasan Information Technology Co., which saw its share price rise by 6.51 percent to SR144, and Knowledge Economic City, which saw a 6.25 percent increase to SR13.09.

On the downside, the worst performer of the day was Najran Cement Co., whose share price fell by 2.11 percent to SR6.49.

Almasane Alkobra Mining Co. and Saudi Cable Co. also saw declines, with their shares dropping by 2 percent and 1.88 percent to SR103.10 and SR166.80, respectively.

On the announcement front, Riyad Bank has announced its annual financial results for 2025, with the total income from special commission of financing reaching SR24.1 billion, while net income from special commission of financing amounted to SR12 billion.

In a statement on Tadawul, the bank said: “Net income increased by 11.7 percent mainly due to an increase in total operating income and a decrease in total operating expenses.”

The bank further noted that the rise in total operating income was primarily driven by increased revenue from fees and commissions, trading activities, special commissions, gains on non-trading investments, and other operating sources. This growth was partially tempered by declines in exchange and dividend income.

“Net provision of expected credit losses and other losses decreased by 15.8 percent due to a decrease in impairment charge of credit losses and impairment charge for other financial assets, partially offset by an increase in impairment charge for investments,” it added.

RIBL’s share price closed at SR18.18 on the main market, marking a 1.43 percent increase.