Shaimaa Hefzy

Saudi Arabia’s Flynas, listed on the Saudi Stock Exchange, has signed an agreement to contribute to the establishment and operation of a low-cost airline in Syria, in partnership with the Syrian Civil Aviation Authority, according to a statement from Flynas to the stock exchange on Sunday.

Syria is seeking to attract foreign investment and partnerships to support its damaged economy and dilapidated infrastructure, which have suffered due to years of political tensions. It has received Arab and Gulf support since the fall of Bashar al-Assad’s regime at the end of 2014 and the lifting of US sanctions imposed on it under the “Caesar Act” last year.

Saudi investments and bilateral partnerships have been active in implementing projects in Syria since the fall of Assad. According to statements by Saudi Investment Minister Khalid al-Falih, speaking from Damascus where several agreements were signed, including one with Flynas Airlines on Saturday, the estimated value of economic agreements signed between Saudi and Syrian parties reaches approximately 60 billion Saudi riyals (US$16 billion).

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Details about the new company

(According to the statement and the Saudi Press Agency "SPA")

The new company will be called "Nas Air Syria".

- It will offer budget flight services.

- The Syrian Civil Aviation Authority will have a 51% share and Flynas will have a 49% share.

The statement did not specify the capital of the new company, while work is currently underway to complete the approvals, licenses and operating arrangements.

- The financial impact of the new company on Flynas is expected to be reflected in its share of the company’s profits or losses once operations commence.

- The company's operational activities are expected to begin in the fourth quarter of this year, 2026.

(Prepared by: Shaimaa Hefzy, for contact: zawya.arabic@lseg.com)

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