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Flynas Launches First Direct Flights Between Riyadh and Damascus After 12-Year Suspension

Representatives from flynas, Riyadh Airports Company, and Syria during the launch ceremony of the Riyadh–Damascus flight route. (flynas)
Representatives from flynas, Riyadh Airports Company, and Syria during the launch ceremony of the Riyadh–Damascus flight route. (flynas)
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Flynas Launches First Direct Flights Between Riyadh and Damascus After 12-Year Suspension

Representatives from flynas, Riyadh Airports Company, and Syria during the launch ceremony of the Riyadh–Damascus flight route. (flynas)
Representatives from flynas, Riyadh Airports Company, and Syria during the launch ceremony of the Riyadh–Damascus flight route. (flynas)

Saudi airline flynas has inaugurated direct flights between Riyadh and Damascus, becoming the first Saudi carrier to reconnect the two capitals after more than 12 years.

The move marks a significant milestone in the airline’s strategic expansion plan, launched under the slogan “Connecting the World to the Kingdom.”

The inaugural flight ceremony took place on Thursday at King Khalid International Airport in Riyadh, attended by Syrian chargé d’affaires in Riyadh Counselor Hussein Abdulaziz, along with representatives from flynas, Riyadh Airports Company, and various media outlets.

Passengers traveling on the first flight to Damascus were welcomed with gifts, and the aircraft was greeted with a traditional water salute upon landing at Damascus International Airport. The reception was attended by the Saudi chargé d’affaires in Syria, along with officials from the Syrian Civil Aviation Authority, Damascus Airport, and flynas.

According to a company statement, the relaunch of flights to Damascus reflects flynas’ commitment to strengthening Saudi-Syrian relations.

The airline had previously operated direct flights from Riyadh and Jeddah to several Syrian cities including Damascus, Aleppo, and Latakia.

The launch supports Saudi Arabia’s National Aviation Strategy, which aims to connect the Kingdom to 250 international destinations, handle 330 million passengers annually, and welcome 150 million tourists by 2030. It also aligns with the goals of the Pilgrim Experience Program, which facilitates easier access to the Two Holy Mosques.

Flynas currently operates 139 routes to over 70 domestic and international destinations across 30 countries, with more than 2,000 flights per week. Since its founding in 2007, the airline has served over 80 million passengers.

Under its expansion strategy, flynas aims to grow its network to 165 destinations, in line with the objectives of Saudi Vision 2030.

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Business

Saudi Arabia's Inflation Edges Up to 1.8% in May

People shopping in a market in Saudi Arabia (SPA)
People shopping in a market in Saudi Arabia (SPA)
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Saudi Arabia's Inflation Edges Up to 1.8% in May

People shopping in a market in Saudi Arabia (SPA)
People shopping in a market in Saudi Arabia (SPA)

Saudi Arabia’s consumer price index (CPI) rose 1.8% year-on-year in May 2026, compared with the same month a year earlier, according to official data released on Sunday.

The General Authority for Statistics said the annual increase was driven mainly by a 3.7% rise in housing, water, electricity, gas and other fuels costs, supported by a 4.7% increase in actual housing rents.

Higher prices in several other categories also contributed to the increase. Restaurant and hotel prices rose 1.7%, while transport costs increased 1.5%.

Prices in the personal care and miscellaneous goods and services category climbed 5.6%, largely due to a 20.0% jump in jewelry and watches prices.

The overall rise in inflation was partly offset by a 0.5% annual decline in furniture and household equipment prices, the statistics authority said.

Slight Monthly Price Changes

On a monthly basis, Saudi Arabia’s consumer price index edged up 0.2% in May from April. The increase was driven primarily by a 0.6% rise in transport prices, largely due to a 1.9% increase in passenger transport services.

Food and beverage prices rose 0.1% month-on-month, while housing and water costs increased 0.2%.

Meanwhile, prices in the personal care and miscellaneous goods and services category fell 0.2%, as did furniture and household equipment prices. Clothing and footwear prices also declined 0.1% from the previous month.

Housing and Transport Lead Inflation Drivers

The housing, water, electricity, gas and other fuels remained the largest contributor to annual inflation in May, accounting for 0.7 percentage points.

The personal care and miscellaneous goods and services category was the second-largest contributor, adding 0.3 percentage points to the annual inflation rate.

Transport and food and beverages each contributed 0.2 percentage points, while the remaining 0.3 percentage points came from other components of the consumer basket, according to the authority.

Business

Kingdom Holding-PIF Partnership Soars to $6.83 Billion on SpaceX Stake

SpaceX employees celebrate the close of the company’s initial public offering on the Nasdaq Stock Market in New York City. (Getty Images/AFP)
SpaceX employees celebrate the close of the company’s initial public offering on the Nasdaq Stock Market in New York City. (Getty Images/AFP)
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Kingdom Holding-PIF Partnership Soars to $6.83 Billion on SpaceX Stake

SpaceX employees celebrate the close of the company’s initial public offering on the Nasdaq Stock Market in New York City. (Getty Images/AFP)
SpaceX employees celebrate the close of the company’s initial public offering on the Nasdaq Stock Market in New York City. (Getty Images/AFP)

Saudi Arabia’s Kingdom Holding Company said the fair value of its stake in SpaceX has reached $6.83 billion, marking what the company described as a major milestone for its long-term investment strategy and its partnership with the Saudi Public Investment Fund (PIF), which owns a 16.87 percent stake in Kingdom Holding.

The valuation reflects an increase of more than $2.3 billion from the previous carrying value of $4.47 billion, said Kingdom Holding. The announcement immediately boosted investor sentiment on the Saudi stock market, sending the company’s shares up nearly 4 percent.

Kingdom Holding said it owns more than 42.4 million Class A shares in SpaceX. Based on the share price cited in the company’s disclosure, the value of that holding rose to approximately SAR 25.6 billion ($6.83 billion).

Long-term investment strategy

Mohammed Al-Farraj, Head of Asset Management at Arbah Capital, told Asharq Al-Awsat that Kingdom Holding’s decision to retain its investments in X and convert its shares, alongside developments related to SpaceX, demonstrates a more mature investment philosophy.

The strategy reflects a focus on long-term ownership of “transformational assets” capable of generating substantial future value rather than pursuing short-term gains, he added.

Such an approach, he explained, aligns closely with the objectives of Saudi Vision 2030, which seeks to strengthen the Kingdom’s presence in advanced technology sectors worldwide.

Financial and economic adviser Dr. Hussein Al-Attas echoed that view, arguing that the figures disclosed by Kingdom Holding illustrate how Saudi capital has evolved from a passive source of funding into an active strategic partner in emerging industries, including space-related technologies.

Al-Attas told Asharq Al-Awsat that PIF’s position as a major shareholder has given Kingdom Holding greater financial flexibility and the ability to withstand volatility in the technology sector, enabling it to pursue a more institutional and long-term investment model.

Balancing growth and stability

Al-Farraj noted that Kingdom Holding’s portfolio combines traditional assets, such as hotels and real estate, with high-growth technology investments.

In an environment of elevated global interest rates, the steady cash flow generated by traditional assets provides an important cushion against risk, he remarked.

Large-scale technology projects often require years of heavy capital spending before realizing their full economic potential, he noted. Stable, income-generating assets therefore help preserve liquidity while allowing investors to maintain exposure to higher-risk, higher-growth opportunities.

Al-Attas stressed that this balanced approach mirrors the strategies employed by many leading global investment firms, reducing dependence on any single sector while preserving long-term growth potential.

Gulf capital gains strategic influence

Al-Farraj said Gulf sovereign wealth funds have become particularly attractive partners for major technology companies because they offer three advantages: substantial liquidity, long investment horizons, and a willingness to tolerate cyclical volatility.

Beyond financing, Gulf investors provide access to rapidly expanding markets and opportunities in telecommunications, artificial intelligence, digital infrastructure, and energy, he stated. As a result, they increasingly serve as strategic partners rather than simply providers of capital.

Both experts stressed that lofty valuations for companies, such as SpaceX, reflect a combination of operational achievements and strong expectations for future growth.

While the potential rewards remain significant, they cautioned that such investments also carry considerable financial and execution risks if anticipated growth fails to materialize.

Business

Gold Extends Gains After US, Iran Reach Peace Deal

Gold bars of various values are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars of various values are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
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Gold Extends Gains After US, Iran Reach Peace Deal

Gold bars of various values are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)
Gold bars of various values are stored in a safe deposit room in Munich, Germany, January 28, 2026. (Reuters)

Gold rose more than 2% on Monday after US and Iran officials said they had reached an initial agreement to end their war, pushing oil prices lower and easing concerns about inflation and higher interest rates.

Spot gold climbed 2.5% to $4,322.87 per ounce by 0312 GMT, hitting its highest level since June 9 and extending gains for a third straight session. US gold futures ‌for August delivery ‌rose 2.5% to $4,344.80.

US and Iranian officials said on ‌Sunday ⁠they had agreed ⁠on a framework to end their war, halt the US blockade of Iran and reopen the Strait of Hormuz.

The pact will be officially signed on Friday in Switzerland, Pakistani Prime Minister Shehbaz Sharif said in a post on X.

The US dollar fell to a 10-day low, making greenback-priced bullion cheaper for other currency holders, while oil prices slipped more than 4%.

"Lower ⁠oil prices and a softer dollar, stemming from ‌reduced geopolitical risk and the anticipated reopening ‌of the Strait of Hormuz, are helping to calm inflation expectations," said Tim Waterer, ‌chief market analyst at KCM Trade.

"This combination is providing the ‌precious metal with its best tailwind in recent weeks, though sustainability will depend on how durable the peace agreement proves to be."

Gold prices have fallen about 20% since the start of the US-Israeli war against Iran in late February. The ‌effective closure of the Strait of Hormuz has led to a sharp increase in global oil prices, stoking ⁠inflation concerns ⁠and raising expectations of interest rates staying higher for longer.

Bullion loses appeal in a high-interest-rate environment as it is a non-yielding asset.

Markets have scaled back expectations for a US rate hike in December to 48% after the peace deal, down from 69% last week, according to the CME FedWatch tool.

Investors now await the Federal Reserve policy decision and remarks, the first under Chair Kevin Warsh, on Wednesday, with rates widely expected to remain unchanged.

"Currency debasement concerns, fiscal risks and ongoing geopolitical fragmentation continue to underpin long-term demand (for gold). A moderation in energy-led inflation could help these themes regain traction," OCBC said in a note.

Spot silver rose 3.6% to $70.39 per ounce, platinum gained 3.3% to $1,773.70 and palladium climbed 3.3% to $1,324.75.