flynas Announces Record-Breaking First-Half 2024 Results with 47% Passenger Growth

flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
TT
20

flynas Announces Record-Breaking First-Half 2024 Results with 47% Passenger Growth

flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)

Saudi Arabia’s flynas, the leading low-cost airline in the world and the best LCC in the Middle East, welcomed more than 7 million passengers on board its flights in the first half of 2024.

This marks a 47% growth and 37% increase in seat capacity for domestic and international flights during the first half of 2024, compared with the same period of 2023, days after announcing the landmark purchase of 160 Airbus Aircraft, said flynas in a statement.

Bander Almohanna, CEO and Managing Director of flynas, commented: “Our record performance during the first half of 2024 is driven by our strategic growth plans as we continue to upgrade our fleet, increase capacity, and expand our global network.”

“The strategy, ‘We Connect the World to the Kingdom’, is aligned with the objectives of the National Civil Aviation Strategy to enable national air carriers to connect the Kingdom with 250 International destinations, accommodate 330 million passengers, and to host 100 million tourists annually by 2030,” he remarked.

“Our strategy will also play a key part in driving the objectives of the Pilgrims Experience Program (PEP) to facilitate access to the Two Holy Mosques, successfully transporting more than 100,000 pilgrims from 20 countries in the first half of the year.” Almohanna added

He stated that increasing seat capacity to domestic summer destinations confirms flynas’ commitment to promoting its role as a national carrier in supporting and empowering the tourism sector in the Kingdom and achieving its ambitious goals set by the Saudi Vision 2030 in cooperation and integration with the relevant authorities in the tourism and aviation sectors.

In terms of international flights, it increased its presence in key domestic, regional, and international markets, including partnerships with other airlines to expand its network.

“flynas has taken delivery of 6 A320neo aircraft during 2024, which reinforced our operations, created hundreds of new jobs for Saudis and opened applications for a new batch to the Future Pilots program, aiming to nationalize the co-pilot position in flynas by 100%,” Almohanna said.

“Additionally, our Future Engineers Program has accepted 22 Saudis into its second batch at the beginning of this year, contributing to nationalizing the roles in aircraft engineering and maintenance,” he added.

flynas operates more than 1,800 weekly flights to more than 70 domestic and international destinations and has flown more than 78 million passengers since its launch in 2007.

The expansion of the leading low-cost carrier’s fleet with 25 new A320neo aircraft over the last 18 months marks a significant milestone in the aviation industry. This strategic development increases the carrier’s fleet to 60 aircraft, showcasing a steady move towards achieving its ambitious, growth-oriented strategic goals.



IMF Says US Tax, Spending Bill Runs Counter to Deficit-Cutting Advice

 Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
TT
20

IMF Says US Tax, Spending Bill Runs Counter to Deficit-Cutting Advice

 Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)
Pens lay on a table before House Speaker Mike Johnson, R-La., arrives to sign President Donald Trump's signature bill of tax breaks and spending cuts, Thursday, July 3, 2025, at the Capitol in Washington. (AP)

The massive US tax and spending bill slated for a final vote in Congress runs counter to the International Monetary Fund's recommendations that Washington reduce fiscal deficits over the medium term, IMF spokesperson Julie Kozack said on Thursday.

Kozack told a regular news briefing that there was a broad consensus that the Republican bill will add to US fiscal deficits, while the US needs to start a fiscal consolidation.

"From the IMF side, we have been consistent in saying that the US will need to reduce its fiscal deficit over time to put public debt-to-GDP on a decisive downward path," Kozack said. "Of course, the sooner that process starts to reduce the deficit, the more gradual the deficit reduction can be over time."

Kozack said that there were many policy options for the US to reduce deficits and debt, adding: "It is, of course, important to build consensus within the United States about how it will address its these chronic fiscal deficits."

In recent years, the IMF has recommended that the US raise taxes, including on middle income earners, to close fiscal deficits. The Republican tax bill extends 2017 tax cuts and adds new tax breaks for many Americans.

The IMF advice is at odds with the views of US Treasury Secretary Scott Bessent, who has consistently said that he disagrees with traditional budget forecasts and believes that the so-called "One Big Beautiful Bill Act" will spur additional US economic growth that will boost revenues.

The United States is the biggest shareholder of the IMF. Bessent, who manages the US stake, has criticized the Fund for straying too far from its core economic stability and surveillance missions.

Kozack said that the IMF was examining details of the US legislation and the likely impact on the economy, and will incorporate its analysis into the late July update of its World Economic Outlook global growth forecasts.

The forecasts also will assess the state of play on US tariffs, after President Donald Trump's July 9 deadline to subject many countries to sharply higher duties unless they agree trade deals.