Saudi airline Flynas spikes on Syria airline venture

FLYNAS +0.67%

FLYNAS

4264.SA

52.35

+0.67%

  • Shares of Flynas 4264.SE surge 5.7% to 64.45 riyals after it announces a joint venture with Syria's Civil Aviation Authority to launch Flynas Syria airline

  • The venture will be majority-owned by Syria at 51%, with Flynas holding 49%, and operations are scheduled to begin by the fourth quarter.

  • This development comes as Saudi Arabia unveiled a significant investment package in Syria, spanning energy, aviation, real estate and telecommunications, as the kingdom positions itself as a leading backer of Syria's new leadership.

  • Analysts on average rate the stock a "buy"; the median PT is 79 riyals, according to LSEG data.

  • It is the top stock gainer on the Saudi benchmark index .TASI, which was up 0.8% on Sunday.

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