Saudi Arabia’s budget airline flynas records 47% rise in Q1 revenue
Updated 22 May 2023
Arab News
RIYADH: Amid strategic expansion plans, Saudi Arabia’s low-cost airline flynas reported 47 percent growth in revenue in the first quarter of 2023 as compared to the same period last year, with the number of passengers reaching over 2.4 million.
According to an official statement, the number of flights also increased more than 13 percent in 2023 — to 17,000 from 15,000 in the first quarter of the previous year.
Bander Al-Mohanna, CEO and managing director of flynas, attributed the growth to the strategic expansion plan launched in early 2022 under the slogan "We Link the World to the Kingdom" that allowed the airline to increase its fleet size to 48 aircraft by May 2023 and saw the launch of new international and domestic routes.
“We announced adding 10 new destinations and routes in Asia and Europe during the 2023 summer season, as of next June, bringing the total summer destinations to 20, as we keep expanding our ever-growing international network, notably after the company’s board of directors approved increasing our orders for new aircraft to 250 aircraft and our plan to obtain an Air Operator Certificate in two more countries, to double operations and expansion internationally,” Al-Mohanna added.
The CEO emphasized flynas’ ambition to achieve the targets set by the National Strategy for Civil Aviation, which seeks to increase air connectivity to 250 destinations, reaching 330 million passengers, and double air cargo capacity to 4.5 million tons by 2030.
“We will keep cementing our position as the largest low-cost airline in the Middle East, and one of the top 10 low-cost airlines in the world. We aim to advance in the global rankings to be among the top five companies in our category worldwide and to be the largest owner of modern aircraft in the region,” the executive said.
Oil Updates — crude up as investors weigh chance of US intervention in Iran-Israel conflict
Updated 3 min 48 sec ago
Reuters Arab News
BEIJING: Oil prices rose on Thursday after President Donald Trump gave mixed signals on potential US involvement in the Israel-Iran conflict, while the Federal Reserve left interest rates unchanged.
Brent crude futures rose 0.69 cents, or 0.9 percent, to $77.39 a barrel by 10:21 a.m. Saudi time, after gaining 0.3 percent in the previous session when high volatility saw prices fall as much as 2.7 percent.
US West Texas Intermediate crude for July was up 0.84 cents, or 1.12 percent to $75.98 a barrel, after settling up 0.4 percent in the previous when it dropped as much as 2.4 percent.
The July contract expires on Friday and the more active August contract was down 8 cents, or 0.11 percent, to $73.42 a barrel.
There is still a “healthy risk premium baked into the price as traders await to see whether the next stage of the Israel-Iran conflict is a US strike or peace talks,” Tony Sycamore, market analyst at IG, said in a client note.
Goldman Sachs on Wednesday said a geopolitical risk premium of about $10 a barrel is justified given lower Iranian supply and risk of wider disruption that could push Brent crude above $90.
Trump on Wednesday told reporters that he may or may not decide whether the US will join Israel in its attacks on Iran. The conflict stretched into its seventh day on Thursday.
Direct US involvement would widen the conflict, putting energy infrastructure in the region at higher risk of attack, analysts said.
As a result of the unpredictability that has long characterised Trump’s foreign policy, “markets remain jittery, awaiting firmer signals that could influence global oil supply and regional stability,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Iran is the third-largest producer among members of the Organization of the Petroleum Exporting Countries, extracting about 3.3 million barrels per day of crude oil.
About 19 million bpd of oil and oil products move through the Strait of Hormuz along Iran’s southern coast and there is widespread concern the fighting could disrupt trade flows.
Separately, the US Federal Reserve kept its interest rates steady on Wednesday but pencilled in two cuts by the end of the year. Chair Jerome Powell said cuts would be “data-dependent” and that it expects accelerated consumer inflation from Trump’s planned import tariffs.
Lower interest rates would stimulate the economy, and as a result demand for oil, but that could exacerbate inflation.
Closing Bell: Saudi main index slips 1.15% to close at 10,591
MSCI Tadawul Index decreased by 11.84 points to close at 1,366.6
Parallel market Nomu lost 254.4 points to end at 26,203.84 points
Updated 18 June 2025
Nadin Hassan
RIYADH: Saudi Arabia’s Tadawul All Share Index declined on Wednesday by 122.69 points, or 1.15 percent, to end at 10,591.13.
Total trading turnover of the benchmark index was SR6.22 billion ($1.66 billion), with 18 stocks advancing and 231 declining.
The MSCI Tadawul Index also decreased by 11.84 points, or 0.86 percent, to close at 1,366.6
The Kingdom’s parallel market, Nomu, reported drops, losing 254.4 points, or 0.96 percent, to close at 26,203.84 points. This comes as 30 stocks advanced while as many as 55 retreated.
Among the top gainers, BAAN Holding Group Co. rose 1.6 percent to SR36.85, while Advanced Petrochemical Co. added 1.26 percent to end at SR28.1.
Dallah Healthcare Co. and Naseej International Trading Co. gained 1.05 percent and 0.94 percent, respectively, closing at SR115.4 and SR74.90.
Saudi Tadawul Group Holding Co. also rose 0.87 percent to close at SR162.
Among the worst performers, National Co. for Learning and Education led losses with a decline of 7.53 percent to close at SR140.
Saudi Marketing Co. followed, shedding 7.04 percent to settle at SR15.32, while Ataa Educational Co. fell 5.85 percent to SR61.20.
Arabian Pipes Co. ended the session down 5.46 percent at SR5.54, and Saudi Reinsurance Co. edged 5.13 percent lower to SR42.55.
On the announcements front, Saudi National Bank announced its intention to fully redeem its SR4.2 billion Tier-1 capital sukuk at face value on June 30, marking the fifth anniversary of its issuance.
The sukuk, which was issued on June 30, 2020, with a total value of SR4.2 billion, will be redeemed at 100 percent of the issue price in accordance with its terms and conditions.
The bank confirmed that all necessary regulatory approvals for the redemption have already been obtained.
SNB closed Wednesday’s session 0.43 percent lower to reach SR34.35.
Saudi Arabia’s low-cost carrier flynas made its stock market debut, opening at SR77.50 and climbing to SR84.10 before retreating to a low of SR69.90. The stock closed at SR77.30, 3 percent below its IPO price of SR80.
Saudi Arabia ranks 17th globally in competitiveness index as it outshines economic heavyweights
Listing driven by strong governance, infrastructure upgrades, diversification, and regulatory reforms
Kingdom placed behind China in 16th and ahead of Australia in 18th place
Updated 18 June 2025
MOHAMMED AL-KINANI
JEDDAH: Saudi Arabia has maintained its spot in the top 20 of the World Competitiveness Ranking, ahead of global heavyweights like the UK, Germany and France.
The Kingdom secured 17th position on the list, driven by strong governance, infrastructure upgrades, diversification, and regulatory reforms.
Issued by the International Institute for Management Development’s World Competitiveness Center, the ranking is widely recognized as a benchmark for evaluating how effectively countries utilize their resources to drive long-term economic growth.
Saudi Arabia was placed just behind China in 16th and ahead of Australia in 18th place.
Although this marks a slight drop from 16th in 2024, Saudi Arabia’s 2025 ranking represents a significant improvement from 32nd in 2023 and 24th in 2022, underscoring its rising economic stature.
Infrastructure continues to show marked improvement. Basic infrastructure ranks seventh globally with a score of 67.6, up two positions. File/SPA
As part of Vision 2030, Saudi Arabia launched the National Competitiveness Center in 2019, with the organization now working with 65 government bodies to drive reforms centered on productivity, sustainability, inclusiveness, and resilience.
According to the World Competitiveness Center, the Kingdom needs to “continue efforts to promote renewable energy and reduce carbon emissions” and “carry on enhancing overall competitiveness across multiple pillars.”
Improvement will also come if Saudi Arabia continues to “invest even more in human capital development across all economic sectors” and push ahead with “ongoing government endeavors to achieve the targets in the Saudi 2030 vision.”
The IMD report is one of the world’s most comprehensive competitiveness benchmarks, evaluating 69 countries across four pillars: economic performance, government efficiency, business efficiency, and infrastructure.
The ranking shows that GCC countries continue to demonstrate their growing economic strength and regional importance, with the UAE leading the group, securing fifth place globally, reflecting its diversified economy and strategic initiatives to attract investment.
Qatar follows in ninth place, supported by substantial infrastructure development and robust financial resources.
Bahrain was ranked 22, Oman came in at 28, and Kuwait was placed at 36, showing steady progress through structural reforms and sectoral investment despite ongoing challenges.
These rankings underscore the GCC’s ambition to strengthen global economic resilience and competitiveness.
Switzerland, Singapore, and Hong Kong lead the ranking, while Canada, Germany, and Luxembourg saw the most notable improvements among the top 20 economies.
Saudi focus
According to the IMD, Saudi Arabia has made progress in several key economic areas, although some aspects still require improvement.
On the economic performance indicator, the Kingdom ranks 17th globally with a score of 62.3. Its domestic economy scored 59.2, placing it 25th worldwide, an improvement of six positions from the previous year.
Saudi Arabia ranked 12th globally in business efficiency with a strong score of 81.4. Shutterstock
International trade advanced three places to 29th with a score of 56.0, while global investment climbed four spots to 16th with a score of 57.8, signaling increased investor confidence.
However, the employment sector declined slightly, dropping three positions to 29th with a score of 55.6.
Inflationary pressures impacted the prices indicator, which fell eight places to 19th despite maintaining a relatively strong score of 60.7.
These mixed results reflect Saudi Arabia’s ongoing efforts to strike a balance between growth and economic stability amid global and domestic challenges.
Public finance indicators remain solid, with a score of 69.5, placing the Kingdom 13th globally, despite a modest three-position drop.
Tax policy holds steady at 67.6 points and 12th place, with a similar three-rank decline. The institutional framework experienced a more pronounced decline, dropping seven places to 27th with a score of 58.6, indicating potential areas for reform.
In contrast, business legislation improved, rising two places to 13th with a score of 67.6, indicating regulatory progress. The societal framework remains a key challenge, ranking 55th with a score of 44.2, representing a nine-position decline, which highlights the need for continued social and structural development to support economic goals.
Saudi Arabia ranked 12th globally in business efficiency with a strong score of 81.4. Productivity and efficiency showed further strength, scoring 66 and placing the Kingdom 15th, up six spots.
The labor market remains a key strength, ranking 9th despite a four-place drop, with a score of 64.2. The finance sector gained three ranks to 19th with 63.4 points, while management practices rose to 17th with a score of 64.
Attitudes and values remain a significant national asset, ranking third globally with a score of 81.6, reflecting a strong culture of resilience and ambition.
Infrastructure continues to show marked improvement. Basic infrastructure ranks seventh globally with a score of 67.6, up two positions. Technological infrastructure rose 10 places to 23rd with a score of 59.5, and scientific infrastructure improved nine spots to 29th with a score of 52.1.
Health and environment indicators gained slightly, moving up one place to 47th with a score of 47.5. Education declined marginally, down one position to 39th with a score of 55.4, signaling an area for continued focus.
Riyadh Air to launch new destination every 2 months as 787 deliveries near
Carrier is awaiting delivery of its initial aircraft to commence services
Riyadh Air secured necessary landing slots for its first destinations
Updated 18 June 2025
NADIN HASSAN
RIYADH: Saudi Arabia’s Riyadh Air is gearing up to introduce a new international destination every two months once it begins operations, as the carrier prepares to receive its first Boeing 787 aircraft.
Riyadh Air, fully owned by the Public Investment Fund, is awaiting delivery of its initial aircraft to commence services, according to CEO Tony Douglas.
Speaking to Bloomberg, he said the airline requires two jets to initiate a round-trip route to each new destination, adding that the Saudi carrier aims to connect to 100 cities by 2030 as part of its long-term growth strategy.
This aligns with the Kingdom’s National Aviation Strategy, which targets doubling passenger capacity to 330 million annually from over 250 global destinations and increasing cargo handling to 4.5 million tonnes by 2030.
The carrier currently has four Boeing 787 Dreamliners in different stages of assembly at Boeing’s facility in Charleston, South Carolina. Operations are expected to begin once the first two aircraft have been delivered.
Riyadh Air had initially planned to launch services in early 2025, but delays in aircraft handovers from Boeing have pushed back the timeline.
“The fact that these are in production probably brings my blood pressure down,” Douglas said. “I will actually not believe they have been delivered until the day after they have been delivered.”
Douglas also said Riyadh Air has secured the necessary landing slots for its first destinations, though he did not disclose which cities.
At the Paris Air Show this week, the airline announced an order for up to 50 Airbus A350 long-range jets, with deliveries expected to begin in 2030.
Riyadh Air has also placed orders for 60 Airbus A321neo narrowbody aircraft and as many as 72 Boeing 787s, including options.
Commenting on the Airbus order, Douglas said the decision was based on the aircraft’s capabilities and favorable commercial terms when compared with Boeing’s 777X model. “It was a very close call,” he said.
The airline’s growth strategy reflects the Kingdom’s ambition to transform Riyadh into a global travel hub and position Saudi Arabia as a major player in international aviation.
Riyadh Air aims to contribute to the broader Vision 2030 goals by enhancing connectivity and promoting tourism across the Kingdom.
Saudi-based TIME Entertainment makes Nomu market debut
Listing underscores company’s maturity and readiness for future expansion
TIME Entertainment specializes in producing large-scale live events across various sectors
Updated 18 June 2025
Reem Walid
RIYADH: TIME Entertainment Co., a Saudi-based full-service live events and experiences management company, has officially begun trading on the Nomu parallel market, marking a significant step in its growth trajectory.
Chairwoman Ameera Al-Taweel described the listing as a strategic milestone that underscores the company’s maturity and readiness for future expansion.
“We have built a Saudi business model within the live events sector that meets global standards. The events sector is vast and diverse. Our experience represents a successful model that has been built based on a global vision, capped with a Saudi identity, and is distinguished by specializing in producing and organizing major live events managed by a multi-skilled team of some of the best events professionals globally.” Al-Taweel said in a statement.
Al-Taweel also highlighted the company’s role as a trusted partner to government, semi-government, and private sector clients. “We believe that we represent a national choice that executes major global events and constantly works,” she added.
With great pride, we announce the listing of Time Entertainment (TIME) in the parallel market Nomu — a strategic milestone in our journey toward growth and expansion.
For us, the IPO is not an end, but the beginning of a new chapter — one that strengthens our position, broadens… pic.twitter.com/IOoJ2Hwfeg
CEO Obada Awad said the company is guided by a strategy rooted in sustainable growth and market responsiveness.
“We also place significant emphasis on sustainable operational improvement and diligent work to develop and launch premium and quality services that add real value to the market,” he said.
TIME Entertainment specializes in producing large-scale live events across sectors such as sports, entertainment, culture, tourism, and conferences. It offers end-to-end production and management services, in addition to creative and consultancy expertise.
The company is also focused on crafting distinctive narratives grounded in Saudi culture and heritage, with the aim of sharing them with global audiences. Its goal is to deliver innovative, artistically rich, and high-quality experiences.
Saudi Arabia’s entertainment sector is rapidly emerging as a key pillar of the Kingdom’s economic diversification agenda. As the country moves away from its traditional reliance on oil, strengthening the entertainment industry is seen as critical to driving growth across multiple sectors.
A recent report by consultancy AlixPartners found that 33 percent of Saudi consumers plan to increase spending on out-of-home entertainment — well above the global average of 19 percent — highlighting strong local demand.
