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Saudi Arabia’s flynas Reports 51% More Passengers in Q1 2024, 43% Seat Capacity Increase

flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)
flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)
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Saudi Arabia’s flynas Reports 51% More Passengers in Q1 2024, 43% Seat Capacity Increase

flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)
flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023. (SPA)

Saudi Arabia’s flynas announced on Monday the operational results for Q1 of 2024 as it continues to deliver on its ambitious growth strategy and expand its fleet size to accommodate strong passenger demand.

In Q1 2024, flynas welcomed 3.7 million passengers on board its flights, marking an increase of 51% over Q1 2023, the airline said in a statement.

flynas hit a record 43% increase in overall seat capacity in Q1 2024 over the same period in 2023, driven by domestic and international routes which were up 45% and 40% respectively.

“The strong start to the year underscores the effectiveness of our ambitious growth strategy. By tapping into the Kingdom’s economic growth and responding to increased passenger demand, we have successfully expanded our customer base,” said flynas Managing Director and CEO Bander Almohanna.

“Our progress is driven by leveraging exceptional talent, expanding our fleet, launching new destinations, introducing new products and enhancing our loyalty program,” he added.

“Looking ahead, we will continue building on our growth plans, through which we aim to connect the world with the Kingdom and support the development of the tourism and aviation sectors. We plan to capitalize on their growth potential by aligning with the National Civil Aviation Strategy and the Pilgrims Experience Program.”

flynas plays a key role in carrying out the Kingdom’s National Civil Aviation Strategy, which aims to connect Saudi Arabia with 250 international destinations, accommodate 330 million passengers, and host 100 million tourists annually by 2030.

During 2023, flynas launched 39 new routes to 18 destinations in 10 new countries and inaugurated its fourth operations base at Prince Mohammed bin Abdulaziz International Airport in Madinah.

flynas operates more than 1,500 weekly flights to more than 70 domestic and international destinations.

It received the Skytrax International Award as the 4th “Best LCC worldwide” and the “Best Low-cost Airline in the Middle East” in 2023 for the sixth time in a row. It won the “Best Low-cost Airline Award” in the Middle East from the World Travel Awards in 2024 for the tenth consecutive year.

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World Bank Warns that US Tariffs Could Reduce Global Growth Outlook

WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
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World Bank Warns that US Tariffs Could Reduce Global Growth Outlook

WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP
WASHINGTON, DC - JANUARY 16: Workers build risers in Freedom Plaza ahead of the Inauguration on January 16, 2025 in Washington, DC. US President-elect Donald Trump and Vice President-elect former Sen. JD Vance (R-OH) will be sworn in on January 20. Kayla Bartkowski/Getty Images/AFP

The World Bank on Thursday warned that US across-the-board tariffs of 10% could reduce already lackluster global economic growth of 2.7% in 2025 by 0.3 percentage point if America's trading partners retaliate with tariffs of their own.
Such tariffs, promised by US President-elect Donald Trump, could cut US growth - forecast to reach 2.3% in 2025 - by 0.9% if retaliatory measures are imposed, the bank said, citing economic simulations. But it noted that US growth could also increase by 0.4 percentage point in 2026 if US tax cuts were extended, it said, with only small global spillovers.
Trump, who takes office Monday, has proposed a 10% tariff on global imports, a 25% punitive duty on imports from Canada and Mexico until they clamp down on drugs and migrants crossing borders into the US, and a 60% tariff on Chinese goods.
The World Bank's latest Global Economic Prospect report, issued twice yearly, forecast flat global economic growth of 2.7% in 2025 and 2026, the same as in 2024, and warned that developing economies now faced their weakest long-term growth outlook since 2000, Reuters said.
The multilateral development bank said foreign direct investment into developing economies was now about half the level seen in the early 2000s and global trade restrictions were five times higher than the 2010-2019 average.
It said growth in developing countries is expected to reach 4% in 2025 and 2026, well below pre-pandemic estimates due to high debt burdens, weak investment and sluggish productivity growth, along with rising costs of climate change.
Overall output in emerging markets and development economies was expected to remain more than 5% below its pre-pandemic trend by 2026, due to the pandemic and subsequent shocks, it said.
"The next 25 years will be a tougher slog for developing economies than the last 25," World Bank chief economist Indermit Gil said in a statement, urging countries to adopt domestic reforms to encourage investment and deepen trade relations.
Economic growth in developing countries dropped from nearly 6% in the 2000s to 5.1% in the 2010s and was averaging about 3.5% in the 2020s, the bank said.
It said the gap between rich and poor countries was also widening, with average per capita growth rates in developing countries, excluding China and India, averaging half a percentage point below those in wealth economies since 2014.
The somber outlook echoed comments made last week by the managing director of the International Monetary Fund, Kristalina Georgieva, ahead of the global lender's own new forecast, to be released on Friday.
"Over the next two years, developing economies could face serious headwinds," the World Bank report said.
"High global policy uncertainty could undercut investor confidence and constrain financing flows. Rising trade tensions could reduce global growth. Persistent inflation could delay expected cuts in interest rates."
The World Bank said it saw more downside risks for the global economy, citing a surge in trade-distorting measures implemented mainly by advanced economies and uncertainty about future policies that was dampening investment and growth.
Global trade in goods and services, which expanded by 2.7% in 2024, is expected to reach an average of about 3.1% in 2025-2026, but to remain below pre-pandemic averages.