flynas signed a joint venture agreement with the Syrian Civil Aviation Authority to establish and operate a new low cost airline based in the Syrian Arab Republic under the flynas brand. 
In a statement to Tadawul, the company said the joint venture agreement outlined the proposed relationship between flynas and the Syrian Civil Aviation Authority as partners in establishing a low cost airline in Syria. flynas will initially hold a 49% stake, while the Syrian Civil Aviation Authority will own 51%.
The company said the main objective of the project was to establish flynas Syria as a low cost airline headquartered in the Syrian Arab Republic. It noted that work was currently underway to complete all required licenses, regulatory approvals, and operational arrangements in coordination with the relevant authorities.
Yhe duration of the joint venture would be determined in the incorporation documents of the new company upon completion of establishment procedures, the statement noted, adding that there are no related parties to the deal.
The financial impact of the new airline is expected to reflect to flynas’ financials through its share of profits or losses once operations commence.
The volume and timing of the impact cannot be determined at this stage, as it depends on completion of incorporation procedures and the start of actual operations.
Any material developments related to the proposed joint venture will be announced in due course.
All arrangements, including licensing and regulatory and operational requirements, are still being completed and subject to approval by the competent authorities.
According to Argaam data, flynas signed on Feb. 7 an agreement to establish a joint airline, flynas Syria, between flynas and the Syrian Civil Aviation Authority, as part of new investment agreements signed between Saudi companies and Syrian government entities in Damascus.
flynas signed a joint venture agreement with the Syrian Civil Aviation Authority to establish and operate a new low cost airline based in the Syrian Arab Republic under the flynas brand.
In a statement to Tadawul, the company said the joint venture agreement outlined the proposed relationship between flynas and the Syrian Civil Aviation Authority as partners in establishing a low cost airline in Syria. flynas will initially hold a 49% stake, while the Syrian Civil Aviation Authority will own 51%.
The company said the main objective of the project was to establish flynas Syria as a low cost airline headquartered in the Syrian Arab Republic. It noted that work was currently underway to complete all required licenses, regulatory approvals, and operational arrangements in coordination with the relevant authorities.
Yhe duration of the joint venture would be determined in the incorporation documents of the new company upon completion of establishment procedures, the statement noted, adding that there are no related parties to the deal.
The financial impact of the new airline is expected to reflect to flynas’ financials through its share of profits or losses once operations commence.
The volume and timing of the impact cannot be determined at this stage, as it depends on completion of incorporation procedures and the start of actual operations.
Any material developments related to the proposed joint venture will be announced in due course.
All arrangements, including licensing and regulatory and operational requirements, are still being completed and subject to approval by the competent authorities.
According to Argaam data, flynas signed on Feb. 7 an agreement to establish a joint airline, flynas Syria, between flynas and the Syrian Civil Aviation Authority, as part of new investment agreements signed between Saudi companies and Syrian government entities in Damascus.
