SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
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SMIIC Board of Directors Extends Saudi Arabia's Chairmanship

SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)
SMIIC board of directors extends Saudi Arabia's chairmanship. (Asharq Al-Awsat)

The General Assembly of the Standards and Metrology Institute for Islamic Countries (SMIIC) agreed to postpone the institute's elections and to extend the term of the chairmanship of the Board of Directors of the Governor of the Saudi Standards, Metrology and Quality Organization Dr. Saad bin Abdullah Al-Qasabi until the end of 2021.

The decision was made as Al-Qasabi presided over the meetings of the SMIIC's General Assembly and Board of Directors, which were held virtually with the participation of delegations of 39 Islamic countries, and three other countries with observer membership.

The Kingdom took part in the summit through a delegation chaired by Saud bin Rashid Al Askar, deputy governor for conformity at Saudi Standards, Metrology and Quality Organization (SASO).

The meeting discussed several topics, to ensure business continuity and facilitation at the institute during the COVID-19 pandemic, as well as memberships of Yemen, Chad and Bangladesh.

The gatherers approved the strategic plan of the Islamic institution 2020-2021 and the budget for the year 2021, as well as countries’ contributions to the same year.



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.