flynas Announces Record-Breaking First-Half 2024 Results with 47% Passenger Growth

flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
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flynas Announces Record-Breaking First-Half 2024 Results with 47% Passenger Growth

flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)
flynas welcomed more than 7 million passengers on board its flights in the first half of 2024. (SPA)

Saudi Arabia’s flynas, the leading low-cost airline in the world and the best LCC in the Middle East, welcomed more than 7 million passengers on board its flights in the first half of 2024.

This marks a 47% growth and 37% increase in seat capacity for domestic and international flights during the first half of 2024, compared with the same period of 2023, days after announcing the landmark purchase of 160 Airbus Aircraft, said flynas in a statement.

Bander Almohanna, CEO and Managing Director of flynas, commented: “Our record performance during the first half of 2024 is driven by our strategic growth plans as we continue to upgrade our fleet, increase capacity, and expand our global network.”

“The strategy, ‘We Connect the World to the Kingdom’, is aligned with the objectives of the National Civil Aviation Strategy to enable national air carriers to connect the Kingdom with 250 International destinations, accommodate 330 million passengers, and to host 100 million tourists annually by 2030,” he remarked.

“Our strategy will also play a key part in driving the objectives of the Pilgrims Experience Program (PEP) to facilitate access to the Two Holy Mosques, successfully transporting more than 100,000 pilgrims from 20 countries in the first half of the year.” Almohanna added

He stated that increasing seat capacity to domestic summer destinations confirms flynas’ commitment to promoting its role as a national carrier in supporting and empowering the tourism sector in the Kingdom and achieving its ambitious goals set by the Saudi Vision 2030 in cooperation and integration with the relevant authorities in the tourism and aviation sectors.

In terms of international flights, it increased its presence in key domestic, regional, and international markets, including partnerships with other airlines to expand its network.

“flynas has taken delivery of 6 A320neo aircraft during 2024, which reinforced our operations, created hundreds of new jobs for Saudis and opened applications for a new batch to the Future Pilots program, aiming to nationalize the co-pilot position in flynas by 100%,” Almohanna said.

“Additionally, our Future Engineers Program has accepted 22 Saudis into its second batch at the beginning of this year, contributing to nationalizing the roles in aircraft engineering and maintenance,” he added.

flynas operates more than 1,800 weekly flights to more than 70 domestic and international destinations and has flown more than 78 million passengers since its launch in 2007.

The expansion of the leading low-cost carrier’s fleet with 25 new A320neo aircraft over the last 18 months marks a significant milestone in the aviation industry. This strategic development increases the carrier’s fleet to 60 aircraft, showcasing a steady move towards achieving its ambitious, growth-oriented strategic goals.



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.