Riyadh - Mubasher: Flynas Company has entered into a partnership agreement with the Syrian Civil Aviation Authority for a joint venture (JV) to establish and operate a new airline company under its brand.
The Saudi group will hold an initial 49% ownership interest in the JV, with the Syrian Civil Aviation Authority retaining 51%, according to a bourse statement.
Subject to acquiring all regulatory approvals, flynas Syria is expected to impact the group’s financial results once operations commence. The operational activities are scheduled to commence in the fourth quarter (Q4) of 2026.
The amount and timing of any such impact cannot be reliably determined at this stage and will depend on the incorporation of the company and the commencement of its operating activities.
Meanwhile, the duration of the JV will be determined in the constitutional documents of the new company upon its establishment.
The new airline will operate flights to several destinations across the Middle East, Africa, and Europe. This expansion aims to bolster air traffic to and from Syria, enhance regional and international connectivity, and meet the growing demand for air travel.
Khalid Al Falih, Saudi Minister of Investment, stated: “This partnership enhances economic integration and market connectivity and supports development goals by advancing air transport infrastructure, ultimately serving the mutual interests of both nations and promoting regional economic stability.”
Bander Almohanna, CEO of flynas, commented: "We are working at an accelerated pace to complete the necessary licensing procedures. We look forward to launching our inaugural flights soon, in accordance with global best practices, and delivering a model centered on safety, efficiency, and service quality.”
The Saudi carrier operates 23 flights per week from Riyadh, Jeddah, and Dammam to Damascus, including two daily direct flights from Riyadh, one daily flight from Jeddah, and two weekly flights from Dammam.
In the nine-month period that ended on 30 September 2025, flynas turned to net losses valued at SAR 594.43 million, against net profits of SAR 492.62 million a year earlier.
