FLYING AHEAD

Earlier this year, flynas became the first ever listed carrier in Saudi Arabia to go public, raising $1.1 billion in its landmark IPO. Managing Director and CEO Bander Almohanna now has his sights set on further route expansion and new destinations.

- BY RAWAN HASSAN

On June 18, 2025, the Saudi Exchange witnessed a historic moment as Saudi-based budget airline flynas made its trading debut, offering 30% of its shares to the public. It wasn't just another IPO; it was the first airline listing in Saudi Arabia, and the first in the GCC in two decades. “This marks a significant milestone not only for flynas but also for the Saudi financial market and the broader aviation sector,” says Bander Almohanna, Managing Director and CEO of flynas. The $1.1 billion offering was 100% oversubscribed, valuing the airline at $3.6 billion.

The listing coincided with a surge in IPO momentum across the Gulf. Despite global headwinds, the GCC saw 27 deals raise $4.1 billion in the first half of 2025, up from $3.57 billion across 23 deals during the same period last year, according to S&P Global. Saudi Arabia led the charge, hosting seven of the 10 largest IPOs, with flynas topping the list in total capital raised.

With a current fleet of 64 aircraft, flynas plans to expand to 160 by 2030, with its network set to grow from over 70 destinations to 165 and over 300 routes. Since 2018, flynas has ordered a total of 280 Airbus aircraft, making it one of the largest single-aisle aircraft purchase orders in the region as of 2024. “We've maintained a strong and consistent relationship with Airbus over the years,” says Almohanna. “Our delivery slots are already secured, and in fact, we've previously received aircraft ahead of schedule.”