For 5th Time, Flynas Wins Skytrax Award as Middle East's Best Low-Cost Airline

A flynas Airbus A320 aircraft on the tarmac at Cairo International Airport. (AFP)
A flynas Airbus A320 aircraft on the tarmac at Cairo International Airport. (AFP)
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For 5th Time, Flynas Wins Skytrax Award as Middle East's Best Low-Cost Airline

A flynas Airbus A320 aircraft on the tarmac at Cairo International Airport. (AFP)
A flynas Airbus A320 aircraft on the tarmac at Cairo International Airport. (AFP)

Flynas, the Saudi air carrier and the leading low-cost airline in the Middle East, won the Skytrax Award as the Best Low-Cost Airline in the Middle East for the fifth consecutive year at a forum held in London on Friday, reported the Saudi Press Agency.

The Skytrax Award, launched in 1999, is the highest award in the aviation industry and the most important global standard for excellence among airlines worldwide.

Bander Almohanna, CEO of Flynas, said: “The crowning of Flynas for the fifth year in a row as the Best Low-Cost Airline in the Middle East with the Skytrax Award in the most important global forum for the aviation industry confirms our leadership as a national air carrier that raises the name of the Kingdom high on its National Day, and achieves the goals of Saudi Vision 2030 and the Strategy for the Civil Aviation Sector in Saudi Arabia.”

He stressed that this win reflects Flynas’ commitment to operational excellence and meeting the aspirations of its traveling guests. It is also in line with achieving its growth and expansion strategy under the title “We Connect the World to the Kingdom,” which included launching more than 16 new destinations in 2022, bringing the number of Flynas destinations to more than 70 domestic and international destinations.

“Flynas fleet continues to grow, as it reached 38 aircraft in the first half of 2022 and will increase to 52 aircraft by the end of 2023,” said Almohanna.

“In addition, the Flynas Board of Directors approved to increase the purchase order for new aircraft to 250 aircraft, in an effort to participate effectively in achieving the Strategy for the Civil Aviation Sector in Saudi Arabia, which aims to reach 300 million passengers and connect the Kingdom with 250 international destinations by 2030,” he added.

The Skytrax Awards are awarded after a multi-month evaluation that includes more than 100 countries; by conducting the largest survey of its kind to measure passengers’ satisfaction in the world annually.

By winning the award for this year, Flynas now has five awards from Skytrax as the Best Low-Cost Airline in the Middle East in the years 2017, 2018, 2019, 2021, and 2022.

Flynas has achieved the highest rating in the Official Airline Rating conducted by the non-profit organization APEX, which is one of the most significant associations of airlines worldwide.

In the assessment that included 600 companies globally, Flynas was ranked in the 4-star low-cost carrier category, the highest category of low-cost airlines.

Moreover, Flynas has been ranked as the Leading Low-Cost Airline in the Middle East by the World Travel Awards for seven consecutive years.



Saudi Arabia’s Kingdom Holding Buys $400 Million Stake in xAI

xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
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Saudi Arabia’s Kingdom Holding Buys $400 Million Stake in xAI

xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration
xAI logo is seen near computer motherboard in this illustration taken January 8, 2024. REUTERS/Dado Ruvic/Illustration

Kingdom Holding Company (KHC) said on Wednesday it has acquired a key stake in xAI Corporation, an artificial intelligence company founded by US billionaire Elon Musk for 1.5 billion Saudi Riyals ($400 million), becoming the second largest investor in X and xAI.

The acquisition of the new stake is part of xAI’s Series C funding round, said KHC in its filing to Saudi bourse Tadawul.

This transaction follows KHC's previous investment at the same value in xAI during its Series B funding round.

It further solidifies KHC's strategic partnership with Elon Musk, and follows its strategic stake in X (Twitter), held since 2015, KHC stated.

A post on X said Prince Alwaleed bin Talal became the second largest shareholders in Musk’s two companies, X & xAI.

In November 2022, the Saudi prince moved almost 35 million Twitter shares through the Kingdom Holding Company, worth about $1.9 billion at the $54.20 per share sale price. That made him the “second-largest investor” in the new parent company.
Funding Rounds

The funding rounds consist of several fundraising events in which startups or existing companies raise funds from investors to continue building their infrastructure and accelerate research and development.

The rounds start with a “seed round” of funding where a startup typically raises money from the owners to cover initial operating expenses and then expand to Series A, B, and C funding rounds as the company develops to raise additional capital.

In terms of risks, Series B funding is generally less risky than Series A funding, while Series C is less risky than Series B and is typically used by companies that are growing rapidly and need additional capital to fund their expansion.

Musk's xAI Series C funding round included the Qatar Investment Authority (QIA) and the Oman Investment Authority (OIA).

Participants included Morgan Stanley and BlackRock, which were described as two of the major investors in the fundraising round.

KHC, in which Public Investment Fund (PIF) owns a 17% stake, said xAI has a $45 billion valuation with the latest funding round, indicating a significant increase from its $25 billion valuation during the Series B funding round, the filing showed.

Following the announcement of the acquisition, the shares of KHC, listed on the Saudi Stock Exchange, rose by 0.44% to 9.16 riyals.

xAI’s strategy focuses on developing leading AI models and working closely with other technology companies associated with its founder, including Tesla, SpaceX, and X, whose application has over 500 million users.

KHC said this transaction further solidifies KHC's strategic partnership with Elon Musk, and follows its strategic stake in X (Twitter), held since 2015.

It forms part of KHC’s business model of securing early stakes in emerging technologies and its ambition to lead and innovate within the AI industry, it added.