Transport Saudi low-cost airline Flynas to launch IPO By Pramod Kumar December 21, 2023, 4:23 AM Flynas Saudi Arabia’s sovereign Public Investment Fund owns a 17 percent stake in Flynas Flynas, the Saudi carrier backed by Saudi billionaire Prince Alwaleed Bin Talal, has hired consultants for a potential initial public offering (IPO) in Riyadh. The low-cost airline may go public as early as next year, Bloomberg reported, citing an airline statement. Goldman Sachs Group, Morgan Stanley and Saudi Fransi Capital will work on the IPO. Saudi Arabia’s sovereign Public Investment Fund owns a 17 percent stake in Flynas and is in talks to increase its holding in the airline, the news agency reported in April. Flynas has been weighing an IPO since 2008 and hired Morgan Stanley, Citigroup Inc. and NCB Capital for a potential deal in 2018. The airline is setting up local units in two more countries and expanding its existing jet orders to become the Middle East’s largest low-cost airline. Saudi Arabia in March launched a new national airline – Riyadh Air – expected to create more than 200,000 direct and indirect jobs and add $20 billion to the kingdom’s non-oil economy. Riyadh Air will connect the capital city to over 100 destinations by 2030. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
