Staff Writer

Saudi-listed low cost carrier flynas has signed a joint venture (JV) agreement with the Syrian Civil Aviation Authority to establish a new airline company in Syria, to be operated under the flynas brand, according to a stock exchange statement filed on Sunday.

Under the arrangement, flynas will hold a 49 percent stake in the JV, while the Syrian Civil Aviation Authority will own the remaining 51 percent. The primary objective of the JV is to launch ‘flynas Syria’ as a Syrian-based low-cost carrier serving domestic and regional markets.

The parties said all required licensing, regulatory approvals and operational arrangements are currently being finalised in coordination with the relevant authorities.

The duration and governance structure of the joint venture will be set out in the constitutional documents of the new company once it is formally established.

(Writing by Dennis Daniel; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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