Forbes Middle East Cover Story
Forbes Middle East has highlighted the historic Initial Public Offering (IPO) of flynas, the leading low-cost airline in the Middle East and one of the best globally. In its August edition, the magazine featured an exclusive cover story with Bander Almohanna, CEO and Managing Director of flynas, recognizing the airline’s $1.1 billion IPO – the first ever airline listing in Saudi Arabia.
A Landmark IPO for Saudi Aviation
In June 2025, flynas offered 30% of its shares to the public, raising $1.1 billion in what Forbes described as a “landmark IPO.” This milestone valued the airline at $3.6 billion and marked a defining moment for both the Saudi financial market and the wider aviation sector.
According to Almohanna, the IPO was oversubscribed by 100%, reflecting investor confidence in the airline’s growth strategy. He emphasized that this achievement demonstrates not only flynas’s strength but also the resilience of the Saudi economy under Vision 2030.
Growth Strategy and Vision 2030 Alignment
Flynas continues to play a critical role in the Kingdom’s transformation agenda. Almohanna highlighted that the airline’s expansion strategy aligns with Vision 2030, particularly in supporting religious tourism and international connectivity.
The company plans to expand its fleet from the current size to 160 aircraft by 2030. This growth will allow flynas to increase its network from more than 70 destinations to 165 across 300 routes, strengthening its role as a global aviation leader.
The Man Behind the Growth
Bander Almohanna has been with flynas since its early years, initially serving as Chief Financial Officer. With a background in finance, including experience at the Saudi Arabian Monetary Agency, Almohanna transitioned to aviation leadership seamlessly. Promoted to CEO in 2015, he has since overseen rapid growth across flynas Group, which includes flynas, NASJET, and flynas Hajj & Umrah.
His financial expertise has allowed him to lead with data-driven strategies, ensuring operational efficiency and long-term sustainability.
Flynas’s Competitive Edge
Industry experts see flynas as a pioneer in the low-cost aviation sector. Forbes quoted Aljoharah Alsmari, VP of Investment Banking at BSF Capital, who praised flynas’s efficiency and fast-paced expansion.
Despite increasing competition from new entrants and legacy carriers, flynas has maintained a strong market presence by focusing on religious tourism and underserved routes. The airline’s “We Connect the World to the Kingdom” strategy, launched in 2018, continues to open direct international routes previously unavailable to Saudi travelers.
Looking Ahead
Today, flynas operates more than 2,000 weekly flights across 139 routes in 30 countries, serving over 80 million passengers since its inception in 2007. Its ambitious plan to more than double its fleet and expand destinations underscores Saudi Arabia’s growing influence in global aviation.
With its historic IPO and forward-looking strategy, flynas is not only setting records but also shaping the future of the Kingdom’s aviation industry.
