Saudi low-cost carrier flynas records 120% growth in passengers amid expansion 

The number of passengers has increased to around 4 million during the first half of 2022. (Shutterstock)
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Updated 14 August 2022
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Saudi low-cost carrier flynas records 120% growth in passengers amid expansion 

RIYADH: Saudi Arabia’s low-cost airline has recorded an accelerated growth of 120 percent in the number of passengers during the first half of 2022.

The number of passengers has increased to around 4 million during the first half of 2022, up from 1.8 million during the same period last year, according to a statement. 

As part of plans to expand its fleet, flynas has increased the number of aircraft to 38 in June 2022 compared to 26 in January 2021, recording a 46 percent growth.

The number of flights operated by flynas increased by 57 percent compared to the corresponding period in 2021.

The first sixth months of 2022 have also witnessed the launch of 16 international destinations from Riyadh, Jeddah, Dammam and Qassim.

"The growth rates witnessed by flynas in all its operations are a result of the strategic expansion plan that we launched at the beginning of 2022 under the slogan, ‘connecting the world to the Kingdom,’” CEO, Bander Abdulrahman Al-Mohanna, said.

He added that the company has signed an agreement this year with the aircraft leasing firm AviLease, a wholly owned subsidiary of Saudi Arabia’s Public Investment Fund, in an effort to expand operations and continue launching new destinations. 

Under the deal, AviLease will purchase 12 new Airbus A320 neo aircraft, to be delivered in 2022 and 2023, and lease them to the airline.

 


Closing Bell: Saudi equities continue 4-day upward trend 

Updated 14 January 2026
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Closing Bell: Saudi equities continue 4-day upward trend 

RIYADH: Saudi equities closed higher on Wednesday, with the Tadawul All Share Index rising 51.52 points, or 0.47 percent, to finish at 10,945.15. 

Trading activity was robust, with 373.9 million shares exchanged and total turnover reaching SR6.81 billion. 

The MT30 Index also ended the session in positive territory, advancing 11.93 points, or 0.82 percent, to 1,472.82, while the Nomu Parallel Market Index declined 116.82 points, or 0.49 percent, to 23,551.47, reflecting continued volatility in the parallel market.

The main market saw 90 gainers against 171 decliners, indicating selective buying. 

On the upside, Al Kathiri Holding Co. led gainers, closing at SR2.18, up SR0.12, or 5.83 percent. Wafrah for Industry and Development Co. advanced to SR23, gaining SR0.99, or 4.5 percent, while Al Ramz Real Estate Co. rose 4.35 percent to close at SR60.

SABIC Agri-Nutrients Co. added 4.21 percent to SR118.70, and Al Jouf Agricultural Development Co. climbed 4.12 percent to SR45. 

Meanwhile, losses were led by Saudi Industrial Export Co., which fell 9.73 percent to SR2.69. United Cooperative Assurance Co. declined 5.08 percent to SR3.74, while Thimar Development Holding Co. dropped 4.54 percent to SR35.30.  

Abdullah Saad Mohammed Abo Moati for Bookstores Co. retreated 4.15 percent to SR48.50, and Gulf Union Alahlia Cooperative Insurance Co. slipped 3.96 percent to SR10.44. 

On the announcement front, Saudi National Bank announced its intention to issue US dollar-denominated Additional Tier 1 capital notes under its existing international capital programe, with the final size and terms to be determined subject to market conditions and regulatory approvals.  

The planned issuance aims to strengthen Tier 1 capital and support the bank’s broader financial and strategic objectives.  

The stock closed at SR42.70, gaining SR0.70, or 1.67 percent, reflecting positive investor reaction to the capital management move. 

Separately, Almasane Alkobra Mining Co. said its board approved the establishment of a wholly owned simplified joint stock company to provide drilling, exploration and related support services, with a share capital of SR100 million and headquarters in Najran, subject to regulatory approvals.  

The new subsidiary aligns with the company’s strategy to enhance operational efficiency and expand its role in the Kingdom’s mining sector.

Shares of Almasane Alkobra Mining closed at SR98.70, up SR0.30, or 0.3 percent, by the end of the session.