Flynas, the leading low-cost carrier in Saudi Arabia and the Middle East, announced a joint venture agreement with the Syrian Civil Aviation Authority. The agreement, signed on February 7, aims to establish and operate a new low-cost airline based in the Syrian Arab Republic, operating under the Flynas brand.
According to a statement issued by the company and published on the Saudi Stock Exchange (Tadawul), Flynas will initially hold a 49% stake in the new project, while the Syrian Civil Aviation Authority will own the remaining 51%. Work is currently underway to finalize all necessary licenses, regulatory approvals, and operational arrangements in cooperation with the relevant authorities in Syria, in preparation for the official launch of Flynas Syria operations.
Background of the agreement and its strategic importance
This move comes amidst regional shifts and the restoration of diplomatic relations between Saudi Arabia and Syria, opening new horizons for economic and investment cooperation. The Syrian civil aviation sector has been among the hardest hit over the past decade, suffering significant operational and logistical challenges that have drastically reduced its destination network. The entry of a regional player the size of Flynas, known for its efficient operating model and rapid expansion, represents a potential turning point for this vital sector.
Expected impact on the Syrian and regional market
The establishment of a new low-cost airline in Syria is expected to revitalize air travel to and from the country, providing affordable travel options for citizens and residents and enhancing connectivity with the outside world. Domestically, the project could create hundreds of direct and indirect jobs and support related sectors such as tourism and logistics. Regionally, this partnership strengthens Flynas' position as a key player in the Middle East aviation market and expands its network to include a promising market with significant growth potential during the reconstruction and stabilization phase. This move is also seen as a confidence boost that could encourage further Gulf and Arab investments in the Syrian market.
Outlook and financial impact
Flynas clarified that the financial impact of this partnership will begin to appear in its financial statements once the new company commences operations, at which point its share of profits or losses will be recorded. The company confirmed that all arrangements are still being finalized and are awaiting final approval from the relevant authorities. This project represents a long-term investment that anticipates a return to stability and economic growth in Syria, and positions Flynas to capitalize on future opportunities in this market.
