Lebanon: Independent, 'Dissident' MPs Seek to Form Opposition Front

A demonstrator rests on the ground as he and other demonstrators block a highway during ongoing anti-government protests in downtown Beirut, Lebanon, October 23, 2019. REUTERS/Alkis Konstantinidis
A demonstrator rests on the ground as he and other demonstrators block a highway during ongoing anti-government protests in downtown Beirut, Lebanon, October 23, 2019. REUTERS/Alkis Konstantinidis
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Lebanon: Independent, 'Dissident' MPs Seek to Form Opposition Front

A demonstrator rests on the ground as he and other demonstrators block a highway during ongoing anti-government protests in downtown Beirut, Lebanon, October 23, 2019. REUTERS/Alkis Konstantinidis
A demonstrator rests on the ground as he and other demonstrators block a highway during ongoing anti-government protests in downtown Beirut, Lebanon, October 23, 2019. REUTERS/Alkis Konstantinidis

A number of Lebanese independent deputies and others, who withdrew from parliamentary blocs they had joined after the recent elections, are seeking to form a unified opposition entity in order to support civil society movements through the parliament.

MP Neemat Frem revealed ongoing talks between a number of deputies to establish a unified opposition, pointing that some MPs could leave their blocs.

In the wake of the massive protests that started on October 17, Frem decided to withdraw from the Strong Lebanon parliamentary bloc, which is headed by MP Gebran Bassil, President Michel Aoun’s son-in-law.

MP Paula Yacoubian, for her part, emphasized that talks were underway with deputies “who actually embraced the demands of the revolution, and not within the framework of folklore and slogans, to try to form an opposition parliamentary front.”

“Our aim is to strengthen and expand the opposition so that its voice can be heard and it can assume its role in promoting real reform and change,” she told Asharq Al-Awsat.

Kataeb MP Elias Hankash noted that the opposition front was yet to be crystallized, adding that communication was underway between independent deputies to study the possibility of forming such a front under the current circumstances.

“This is why we are calling for early parliamentary elections to increase the number of independent deputies, in order to extend the front that we aspire to form,” he said in remarks to Asharq Al-Awsat.

MP Shamel Roukoz, the other son-in-law of Aoun, is actively working within an opposition front composed of retired officers.

Sources close to Roukoz said that the deputy was seeking to expand the “national rescue movement” to all Lebanese areas.

“The movement is operating under the slogans of revolution, and it aims to build a state of law and institutions,” the sources noted.



Saudi Arabia’s flynas Successfully Completes Final Allocation of IPO Shares

A Saudi flynas aircraft. (Asharq Al-Awsat) 
A Saudi flynas aircraft. (Asharq Al-Awsat) 
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Saudi Arabia’s flynas Successfully Completes Final Allocation of IPO Shares

A Saudi flynas aircraft. (Asharq Al-Awsat) 
A Saudi flynas aircraft. (Asharq Al-Awsat) 

Saudi Arabia's flynas has successfully completed the final allocation process for its initial public offering (IPO) shares, setting a minimum allotment of 10 shares for each individual subscriber.

This IPO is considered the first of its kind for a Gulf airline in nearly 20 years. flynas will become the third Gulf airline to go public, following the listings of Air Arabia in the UAE and Jazeera Airways in Kuwait.

In a statement, the company confirmed that any surplus subscription funds - if any - will be refunded to individual subscribers no later than June 5. The company will be listed on the Saudi stock exchange once regulatory procedures are completed.

Saudi Minister of Transport Saleh Al-Jasser stated on the X platform that the IPO of the first Saudi airline on the stock market, along with the high oversubscription rates, “reflects the high level of confidence in the Kingdom's aviation sector, which is witnessing remarkable developments and unprecedented annual growth rates, increased air traffic and connectivity, as well as significant investments in infrastructure, all supported by Prince Mohammed bin Salman, Crown Prince and Prime Minister.”

“Congratulations to flynas on the successful IPO and listing. The aviation sector will continue to enhance its developmental role in supporting the national economy and expanding investment and growth opportunities, in partnership with the private sector,” he added.

The individual investor subscription period, which began on May 28 and lasted for three days, saw the participation of 666 investors, with a final offering price of 30 riyals per share.

Total demand from this segment reached approximately SAR 2.868 billion ($746.5 million), resulting in a coverage ratio of 349.70%.

Meanwhile, flynas reported a net profit of SAR 148 million ($39.4 million) for the first quarter of this year, marking a 1% decrease compared to the net profit of SAR 149 million recorded in the same period last year. However, the company's adjusted net profit increased by 78%.

In a statement, the company attributed the decline in profit to exceptional gains of 66 million riyals recorded in Q1 2024 from a sale and leaseback transaction, which did not recur in the current quarter.

Operating profit rose by 78%, and the company generated revenues of SAR 1.8 billion in the first quarter of 2025, a 6% increase, supported by improved ticket yields and growth in ancillary revenues.

The company stated that its revenue increased by 5% to reach SAR 1.8 billion during the first three months of 2025, attributing the growth to stronger ticket yields and increased ancillary income.