Latest news with #Riyals
Skift
5 days ago
- Business
- Skift
Saudi Low-Cost Carrier Flynas Launches IPO, But Israel-Iran Conflict Weighs on Market
Flynas is the first Middle Eastern airline to go public in nearly two decades — but its timing is far from ideal. Renewed regional tensions just days before the debut have caused regional airline stocks to slip. Flynas, Saudi Arabia's budget carrier, made its IPO debut Wednesday, but growing tensions between Israel and Iran weighed on regional markets and local airline stocks. Flynas had priced its offering at 80 riyals ($21.38) a share, giving the low-cost airline a valuation of 13.7 billion riyals ($3.7 billion). The shares initially dropped as much as 13% Wednesday and trading was briefly halted twice within the first 20 minutes of the session. By midday, shares were down but had recovered much of the loss. "Given how the situation changed this week with escalating geopolitical crisis and closure of air space and regional flight disruption, it may have been prudent to delay the listing until things settled," wrote Nishit Lakhotia, head of research at Bahrain's Sico Bank, on LinkedIn. The UAE's Air Arabia is down more than 3% this week, while Kuwait's Jazeera Airways tumbled as much as 4.2% on Wednesday, following its worst drop since 2020 earlier in the week. Despite the dip, the Flynas IPO was the largest in the Middle East so far this year and marked the first Gulf airline to go public in nearly two decades after Air Arabia in 2007. The IPO and Flynas Expansion The total size of the IPO is $1.1 billion, the company said when it announced the IPO price, and proceeds will be used to support fleet expansion, extend its network, and fund general corporate activities. In February, Flynas announced it would be receiving more than 100 Airbus aircraft over the next five years, with the expected growth of its fleet to more than 160 aircraft by the end of 2030. It has orders for 280 aircraft worth over 161 billion Riyals ($42.9 billion). In May, Flynas CEO Bander Al-Muhanna said the IPO would be "a strategic step that will accelerate the execution of our growth ambitions and solidify our position as the leading low-cost carrier for short- and medium-haul flights across the Middle East and North Africa by 2030." Flynas connects more than 70 domestic and international destinations with more than 1,500 weekly flights. For the first nine months of last year, it served 10.9 million passengers, according to its IPO prospectus. The airline aims to reach 165 domestic and international destinations, in line with the country's Vision 2030. Saudi Arabia will soon have four major airlines: Saudia, Flynas, Flyadeal, and Riyadh Air. Saudia and Riyadh Air are long-haul national carriers, while Flynas and Flyadeal are budget, short- and medium-haul. Riyadh Air hasn't launched yet, but its first flight is expected by the end of the year and it targets 100 million passengers by 2030. Saudia had 20 million passengers last year and Flyadeal had 7.9 million. Currently, the Saudia routes between Riyadh and Dubai are especially popular as business people move between the two cities. During the Skift Travel Podcast, Almosafer CEO Muzzammil Ahussain said: 'Given the demand, Riyadh to Dubai is one of the most expensive and profitable routes in the world. Especially the business class, given the amount of trade between the two countries. The business travel going on… It's sometimes $4,000-$5,000 for a one-hour business class flight.' He added: 'Investments in new airports, new airlines, [demand] is only going to increase.' Ahussain said he's hoping for an Almosafer IPO in the next 12 to 18 months. What am I looking at? The performance of airline sector stocks within the ST200. The index includes companies publicly traded across global markets including network carriers, low-cost carriers, and other related companies. The Skift Travel 200 (ST200) combines the financial performance of nearly 200 travel companies worth more than a trillion dollars into a single number. See more airlines sector financial performance. Read the full methodology behind the Skift Travel 200.
Scottish Sun
07-06-2025
- Sport
- Scottish Sun
Moses Itauma to fight Dillian Whyte on August 16 in Saudi Arabia as Brit sensation take huge step towards title shot
WHYTE SPIRIT Moses Itauma to fight Dillian Whyte on August 16 in Saudi Arabia as Brit sensation take huge step towards title shot Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE Moses Itauma steam train is on course to collide with Dillian Whyte on August 16. The 20-year-old heavyweight sensation has been struggling to find incremental step-up opponents, after demolishing his last two victims inside three combined rounds. 2 The Moses Itauma steam train is on course to collide with Dillian Whyte on August 16 Credit: PA 2 Whyte will fight Itauma on August 16 in Riyadh Credit: PA But the 37-year-old Brixton Body Snatcher has leapt up to the challenge and will face the hottest prospect in world boxing in the scorching Saudi desert in the middle of summer. The clash would come just three months after the Slovakia-born Kent wonderkid battered poor Mike Balogun inside two rounds on May 24 and barked: "I don't have to worry about doing rounds, but my team wants to see me in a 10-rounder. 'And then I want in with the big dogs." Whyte was scheduled to have a tune-up fight last night (SAT) in Ipswich but withdrew as soon as the big-money fight was placed on his table. Itauma was also slated to have another litmus test on the July 19 Wembley showdown between Oleksandr Usyk and Daniel Dubois. But Saudi boxing kingpin Turki Al Sheikh is a man on a mission to make the biggest and best bouts that he fancies. And all the best-laid plans and blueprints go up in smoke when he dreams up a fantasy fight and stumps up the Riyals to stage it. MORE TO FOLLOW
The Irish Sun
07-06-2025
- Sport
- The Irish Sun
Moses Itauma to fight Dillian Whyte on August 16 in Saudi Arabia as Brit sensation take huge step towards title shot
THE Moses Itauma steam train is on course to collide with Dillian Whyte on August 16. The 20-year-old heavyweight sensation has been struggling to find incremental step-up opponents, after demolishing his last two victims inside three combined rounds. 2 The Moses Itauma steam train is on course to collide with Dillian Whyte on August 16 Credit: PA 2 Whyte will fight Itauma on August 16 in Riyadh Credit: PA But the 37-year-old Brixton Body Snatcher has leapt up to the challenge and will face the hottest prospect in world boxing in the scorching Saudi desert in the middle of summer. The clash would come just three months after the Slovakia-born Kent wonderkid battered poor Mike Balogun inside two rounds on May 24 and barked: "I don't have to worry about doing rounds, but my team wants to see me in a 10-rounder. 'And then I want in with the big dogs." Whyte was scheduled to have a tune-up fight last night (SAT) in Ipswich but withdrew as soon as the big-money fight was placed on his table. Itauma was also slated to have another litmus test on the July 19 Wembley showdown between Oleksandr Usyk and Daniel Dubois. But Saudi boxing kingpin Turki Al Sheikh is a man on a mission to make the biggest and best bouts that he fancies. And all the best-laid plans and blueprints go up in smoke when he dreams up a fantasy fight and stumps up the Riyals to stage it. MORE TO FOLLOW Most read in Boxing
Bloomberg
23-04-2025
- Business
- Bloomberg
Airbus to Source Titanium from Saudi Arabia as Part of Jet Deal
Airbus SE plans to source some metal to manufacture its aircraft from Saudi Arabia as part of a widebody aircraft deal with the kingdom's flag carrier. The European manufacturer signed a deal on Wednesday to buy 2.5 billion Riyals ($666 million) worth of raw material, mainly titanium, from Saudi Arabia. The accord also included an order from national carrier Saudia for as many as 20 long-range aircraft.
Argaam
29-01-2025
- Business
- Argaam
Abdullah Al Rajhi: Alrajhi Bank Achieves 19% Growth with Net Profits of 19,722 Million SAR in 2024
Mr. Abdullah bin Sulaiman Al Rajhi, Chairman of the Board of Directors of alrajhi bank, announced that the bank achieved net profits of 19,722 million Saudi Riyals for the year 2024, reflecting a growth rate of 19% compared to 16,621 million Riyals in 2023. Total operating income reached 32,055 million SAR, with a growth of 16%, driven by increased net financing and investment income, as well as higher banking service fees. These results highlight the bank's successful execution of its strategies for sustainable growth and financial performance. Abdullah Al Rajhi noted that shareholders' equity rose to 123 billion SAR, marking an increase of 15% compared to 107 billion SAR in 2023. Total assets grew by 21% to reach 974 billion SAR, fueled by a 17% increase in the financing portfolio and a 31% rise in the investment portfolio. Customer deposits also expanded by 10%, totaling 628 billion SAR. Additionally, the bank achieved a return on assets of 2.3%, a return on shareholders' equity of 21.1%, and earnings per share of 4.67 SAR. Non-performing financing coverage also remained robust reaching around 160%. Abdullah Al Rajhi added that the bank continues to excel in the field of digital services, as he considers innovation an essential part of the bank's strategy, as alrajhi bank recorded more than one billion logins to its applications during 2024, with a 22% increase in the number of new customers via mobile phones. The bank recorded a 23% increase in card issuance, and exceeded more than 10 million international transfers. In addition, the bank witnessed a 29% increase in opening accounts online. On the bank's community service initiatives, Abdullah Al Rajhi emphasized the continued success of the 'Alrajhi Bank Educational Orphan Care Program,' now in its third year. The program supports over 200 students across 28 private Saudi universities in disciplines such as medicine, engineering, cybersecurity, and law. The 'National Community Initiative for Kidney Transplantation' also achieved significant milestones, completing 77 kidney transplants in its third year, with plans to reach 91 by year-end. Meanwhile, the Alrajhi Bank Cardiac Catheterization Center at Al Rass General Hospital successfully conducted 100 procedures since its launch in late 2024. Additionally, the bank has strengthened its support for healthcare by deploying mobile blood donation vehicles to over 50 locations in Riyadh and Medina, facilitating donations from more than 6,000 individuals. Abdullah Al Rajhi concluded by reaffirming the bank's commitment to supporting Vision 2030, playing a pivotal role in the Kingdom's economic progress, and consistently enhancing customer trust and experience. By prioritizing innovation and customer-focused solutions, alrajhi bank remains dedicated to addressing the evolving needs of its customers while staying true to its core values.
