Saudi Arabia's Flynas expands fleet, announces to buy 30 aircraft
Flynas vows to become the premier low cost airline in the Middle East
Riyadh: Flynas, the low-cost carrier based in Saudi Arabia, is gearing up to buy at least 30 wide-body aircraft as part of its expansion strategy to bolster its foothold in the region.
CEO Bander Almohanna revealed that the airline has initiated a request for proposal (RFP) to aircraft manufacturers, although specific details regarding the aircraft models remain undisclosed. This strategic move is in line with flynas' overarching plan and as quoted by Gulf Business, "We Connect the World to the Kingdom," which echoes Saudi Arabia's National Civil Aviation Strategy aimed at enhancing connectivity to 250 international destinations.
Tadawful stock
Moreover, the airline announced its intention to list its shares on the Tadawul stock exchange this year, aligning with the Kingdom's aspirations to boost its aviation sector amidst a surge in initial public offerings.
In 2023, flynas witnessed a significant 32% annual revenue growth, reaching $1.68 billion (6.3 billion Saudi riyals). Currently operating an all-Airbus fleet, including A320 narrow-body and A330 wide-body aircraft, primarily used for the annual Hajj pilgrimage, flynas recently welcomed its 50th A320neo aircraft, marking the third delivery since the start of 2024, with more expected throughout the year.
Doubling the fleet size
The acquisition of the 50th aircraft is part of flynas' substantial order of 120 A320neo aircraft from Airbus, valued at over $8.5 billion (32 billion riyals). With ambitions to become a premier low-cost airline in the Middle East, flynas aims to double its fleet size, with the board of directors already approving an increase in purchase orders to 250 aircraft.
At present, flynas operates over 70 domestic and international destinations, running more than 1,500 weekly flights. Since its establishment in 2007, the airline has facilitated travel for over 78 million passengers and is poised to expand its network to encompass 165 domestic and international destinations.