Flynas Cleared for Riyadh IPO Takeoff with 30% Stake Offer

Editorial Team

Last updated 2-04-2025

3 min

Flynas is set to go public on Riyadh's stock exchange, boosting the Gulf IPO trend.

The airline plans to offer a 30% stake, following Air Arabia and Jazeera Airways' IPOs.

Operating over 70 routes, flynas aims to expand its fleet to 160 aircraft by 2030.

Backed by Prince Alwaleed's Kingdom Holding, the IPO supports Saudi Arabia's economic diversification.

Saudi Arabia aims to become a major tourism destination, enhancing its diverse economy.

Budget airline flynas has received the green light from Saudi Arabia’s capital markets regulator to go public on Riyadh’s stock exchange, marking another significant development in the region’s bustling IPO market.

Backed by billionaire investor Prince Alwaleed Bin Talal, flynas is preparing to offer a 30% stake to investors, joining a growing trend of Gulf companies turning to the stock market to fuel their ambitious growth plans. It’s worth noting this will be only the third airline IPO across the Gulf region, after Air Arabia in the United Arab Emirates and Jazeera Airways in Kuwait. Notably, it's nearly two decades since the last major airline went public in this area.

If you’ve ever hopped onto a flynas flight—originally known as Nas Air when it launched back in 2007—you'll know it’s made its mark as an affordable option connecting travellers to more than 70 routes. Operating primarily Airbus A320 and A330 aircraft, the carrier plans an ambitious expansion, aiming to grow its fleet from today’s 60-plus jets up to 160 by the year 2030.

Flynas’s shareholders include Kingdom Holding, the well-known investment firm established by Prince Alwaleed, whose portfolio over the years has included stakes in prominent global brands like Citigroup, Twitter, and Four Seasons hotels. A point of intrigue for some financial watchers was Saudi Arabia’s Public Investment Fund securing a 17% stake in Kingdom Holding back in 2022, reflecting growing confidence and collaboration within the kingdom's economic sphere.

Prince Alwaleed himself hit global headlines during Crown Prince Mohammed bin Salman’s widely-covered anti-corruption crackdown in 2017. The billionaire prince, along with a number of royals and prominent Saudis, was detained, but subsequently released the following year under confidential terms.

The IPO comes as Saudi Arabia pushes to diversify its economy beyond oil. While the kingdom has always been a magnet for religious travellers journeying to Mecca and Medina, recent efforts aim to position it as a popular tourism hotspot for all types of visitors. There's anticipation building around the launch of the new Riyadh Air in 2025, alongside already established Saudi carriers such as Saudia and flyadeal.

For economic observers and aviation enthusiasts alike, flynas's forthcoming IPO symbolises Saudi Arabia's continuing push into a diversified, dynamic future. And, as subscribers to platforms like Arageek will likely appreciate, it'll be fascinating to watch how these developments take flight (pun intended).

Personally, having found myself grabbing a shawarma or two while waiting out delays in regional airports, I’d say added competition and expanded offerings can only be good news for travellers across the Gulf. Wether you're a frequent flyer or simply tracking business trends, flynas’s stock-market arrival certainly looks like one worth keeping a close eye on.

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