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)
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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.



SAMA’s Reserve Assets Reach Highest Levels Since 2022

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)
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SAMA’s Reserve Assets Reach Highest Levels Since 2022

The Saudi capital, Riyadh (Reuters)
The Saudi capital, Riyadh (Reuters)

The total reserve assets of the Saudi Central Bank (SAMA) increased by 5.5 percent in June on an annual basis, to reach SAR 1.754 trillion ($467.5 billion), compared to SAR 1.66 trillion ($442 billion) in the same period of last year, recording their highest levels since November of 2022.
According to SAMA’s monthly statistical bulletin, reserve assets increased slightly on a monthly basis from SAR 1.752 trillion ($467 billion) in May, to SAR 1.754 trillion ($467.5 billion).
The value of financial investments abroad grew by approximately 7 percent, compared to the same period of 2023, to reach SAR 1.01 trillion ($269 billion) after amounting to SAR 950.87 billion ($253 billion), increasing by 1 percent on a monthly basis.
In contrast, reserve position in the International Monetary Fund (IMF) decreased by 10.7 percent compared to June 2023, recording SAR 13.3 billion ($3.5 billion).
Saudi reserve assets include investments in foreign securities, foreign exchange, deposits abroad, reserves with the International Monetary Fund, special drawing rights, and monetary gold.