Latest news with #Flynas
Khaleej Times
an hour ago
- Business
- Khaleej Times
Good growth in GCC IPO market in 2025 so far despite volatility due to tariffs row
The initial public offering (IPO) activity in the Gulf Cooperation Council (GCC) companies grew in the first half of 2025 despite volatile market conditions driven by shifts in US trade policies, according to the latest S&P Global Market Intelligence data & analysis. The company data revealed that 27 firms across the GCC raised $4.1 billion (Dh 15 billion) through IPOs during the January-June 2025 period, compared to 23 firms raising $3.57 billion (Dh13.1 billion) during the same period last year. The stock markets witnessed volatility during the first half of the year due to US President Donald Trump's announcement to impose higher tariffs on China, the European Union and other trading partners. This had a severe impact on the global equity markets, including the UAE and GCC countries. The Israel-Iran conflict also briefly impacted GCC markets in June, though not by much, as most of the region's equity markets are dominated by companies in the banking and industrial sectors, which are usually less exposed to the direct effects of geopolitical turmoil, Marmore Mena Intelligence wrote in a July market report. Saudi Arabia led the GCC region's IPO activity, hosting seven of the 10 largest IPO transactions in the first half. Budget carrier Flynas Co. had the highest gross amount offered, raising $1.09 billion from the free float of 30 per cent of its share capital on the Saudi Exchange. Dubai Holding's Dubai Residential REIT was the second largest IPO in the GCC, raising $584 million (Dh2.14 billion). Listed on the Dubai Financial Market, the IPO was oversubscribed 26 times in May. Earlier, Alpha Data raised $163.36 million and listed on the Abu Dhabi Securities Exchange. Three listings from the real estate sector were among the 10 largest IPOs in the region, led by Dubai Residential REIT. The GCC region's IPO pipeline is expected to remain strong, according to the EY Global IPO Pulse Survey conducted with institutional investors in June. However, for the broader global IPO market, the outlook for the rest of the year remains cautiously optimistic. A potential rebound "hinges on more cooperative trade frameworks, accommodative monetary policy, controlled inflation and geopolitical de-escalation," EY said. While geopolitical turbulence tempered early optimism for the global IPO market for 2025, the long-term outlook is "promising," Stuart Newman, Global IPO Centre Leader at PwC UK, wrote in a July report. "We have seen signs of a selective reopening of IPO markets in the US and China/Hong Kong and a continued supply of IPOs in India and the Middle East," Newman noted, cautioning that a market recovery will highly depend on global macroeconomic and geopolitical stability.
Zawya
5 days ago
- Business
- Zawya
Flynas: AlJazira Capital assigns ‘Overweight', sets SAR 94.70 target price
AlJazira Capital has initiated coverage on Saudi budget carrier Flynas Co., assigning an 'Overweight' rating. The brokerage expects Flynas's gross debt to rise to SAR 3.2 billion ($853.11 million) by 2029, up from SAR 425 million in 2024. The increase in debt will happen as the airline enters a phase of high capital expenditure, scaling both narrow-body and wide-body fleets. Capex is expected to rise from SAR 475 million in 2024 to a peak of SAR 2.7 billion in 2027, reflecting large aircraft acquisitions and pre-delivery payments. The company is also strategically transitioning toward owning 15% of its fleet by 2030, compared to its previous fully leased model, the brokerage said. Lease liabilities are expected to double from SAR 5.8 billion in 2024 to SAR 11.4 billion in 2029. Flynas' strong cash flow generation and negative working capital model provide support for liquidity and funding requirements throughout the investment cycle, the report stated. The stock closed nearly 2% higher at SAR 76.25 on Thursday.
Time Out Abu Dhabi
7 days ago
- Time Out Abu Dhabi
No Wizz Air, no problem: Here's where you can still get cheap flights from Abu Dhabi
Wizz Air might be winding down its Abu Dhabi operations by September 1, but that doesn't mean affordable getaways are off the table. The ultra-low-cost carrier may have been a favourite among UAE travellers for wallet-friendly fares and direct routes, but thankfully, it's not the only game in town for cheap flights. From short hops to Saudi Arabia to summer escapes in Salalah, there are still plenty of airlines offering cheap flights from Abu Dhabi and nearby airports. Whether you're planning a quick break, visiting family, or escaping the heat, these budget carriers are keeping the UAE skies open (and affordable). Here's where to look if you still want to fly cheaply. Cheap flights from Abu Dhabi Flyadeal: From Dhs189 to Riyadh Saudi-based Flyadeal is one of the most affordable options out there, with flights from Dubai to Riyadh starting at just Dh189. It's perfect for a weekend city escape or a quick business trip across the border. Flynas: From Dhs272 to Madinah Another low-cost Saudi airline, Flynas offers fares to Madinah from Dh272. Ideal for religious travel or visiting family, especially during peak pilgrimage periods. SalamAir: From Dhs321 to Salalah Oman's SalamAir continues to be a top pick during Khareef season, with flights from Dubai to Salalah starting at Dh321. If you're craving misty mountains, cooler temperatures and lush green landscapes, this one's for you. Air Arabia: From Dhs312 to Baku Air Arabia flies to dozens of destinations – and Baku is one of its most popular routes. With fares starting at Dhs312, it's a solid option for Abu Dhabi travellers looking to explore the Caucasus without stretching the budget. IndiGo: From Dhs311 to Delhi Heading to India? IndiGo offers flights from Abu Dhabi to Delhi from Dh311. It's no-frills flying, but still one of the most cost-effective ways to travel home or take a cultural city break. Fly Jinnah: From Dhs230 to Karachi A newer name on the low-cost circuit, Fly Jinnah offers Sharjah-to-Karachi flights starting at Dh230. It's a great pick for travellers heading to Pakistan on a budget. Etihad Airways: From Dhs142 to Kuwait Flying out of Abu Dhabi to Kuwait City, Jazeera Airways offers fares from Dhs142. Quick, convenient and still on the lower end of the price spectrum. If you're wondering about other ways to save on flights, it all comes down to timing and flexibility; avoiding checked bags can save you a lot, as can exploring alternative airports. And don't forget to sign up for fare alerts and download airline apps – many flash sales are announced with little warning. Wizz Air's exit may be a blow for some frequent flyers, but the good news is that the UAE remains a hub for affordable travel. With a little planning and flexibility, your next adventure could still be just a few hundred dirhams away. Need some travel inspo? Travelling from Abu Dhabi is about to be so much faster Zayed International Airport is the world's first airport to make this change 18 countries offering visa-on-arrival to UAE residents Here's where to go UAE citizens now get visa-on-arrival for India: a game-changer for travellers That quick trip to India just got even easier
Arabian Post
15-07-2025
- Business
- Arabian Post
GCC IPO Market Sees Largest-Yet First Half, Despite Dip in Proceeds
Arabian Post Staff -Dubai GCC countries secured $3.4 bn from 24 initial public offerings in the first half of 2025, down 6% from $3.6 bn over 23 listings a year earlier, according to a report by Kuwaiti research firm Markaz. Saudi Arabia drove the surge, contributing $2.8 bn through 22 IPOs—an increase of 36% year‑on‑year—while the UAE and Oman saw more subdued performances. Oil‑price volatility, US tariff threats and global trade uncertainty weighed on market sentiment, but issuance volumes rose. The number of offerings edged higher to 24 from 23 in H1 2024, illustrating issuer appetite amid wider economic headwinds. ADVERTISEMENT Saudi listings captured 85% of the total proceeds, reinforcing its dominance in the regional IPO pipeline. The Kingdom raised $2.8 bn, up from $2.1 bn in the first half of 2024, with 22 issuances compared to 19 a year ago. The UAE saw a substantial 88% drop in IPO proceeds, with just one public offering—Alpha Data—raising $163 m in Abu Dhabi. Oman followed with the debut of Asyad Shipping Company, generating $333 m on the Muscat bourse. No IPOs were recorded in Kuwait, Qatar or Bahrain during this period. Sector analysis reveals the industrials segment led with $1.4 bn in proceeds, bolstered by Flynas and Asyad Shipping Company. Real estate followed with demand for development and construction offerings, while healthcare IPOs collected $505 m. Financial services and technology contributed $408 m and $204 m respectively. Performance after listing was mixed. Ten of the 24 companies saw positive returns by the end of June. Asyad Shipping led the pack, with its stock surging 835% since its March 12 listing. Umm Al Qura in Saudi Arabia recorded a 51% gain. On the downside, Hedab Alkhaleej, Dkhoun National Trading and Service Equipment fell by 30%, 27% and 26% respectively. Flynas edged slightly lower by 0.2%, despite an initial dip. Wider equity market performance across the region showed divergence. Kuwait's bourse rose 18.1% year‑to‑date, followed by Dubai, Abu Dhabi and Qatar, while Oman, Bahrain and Saudi Arabia retreated by 1.7%, 2.1% and 7.6% respectively. Geopolitical shocks—including renewed US tariff threats and oil price fluctuations— exerted pressure on national indices. On Monday, Saudi Arabia's Tadawul shed 0.2%, while Dubai, Abu Dhabi and Qatar all fell in the range of 0.3–0.5%. Investors are watching US inflation signals and Fed decisions closely, given the peg of Gulf currencies to the dollar. Despite softer proceeds overall, the strong issuance tally suggests issuers seized a narrow window before heightened uncertainty. A PwC analysis of Q1 showed GCC IPOs rose 33%, raising $1.6 bn from 11 deals, with Saudi Arabia capturing nearly 70% of that total. Looking ahead, Saudi Arabia is expected to maintain momentum, driven by privatisation efforts and a diverse pipeline of government-linked listings led by the Public Investment Fund. The UAE is projected to ramp up activity in industrials and tech, while Kuwait is implementing regulatory reforms to stimulate listings. Market analysts caution that global headwinds remain. PwC flagged how tariff announcements and macroeconomic instability continue to disrupt IPO sentiment globally. Within the GCC, sustained oil-price volatility and tightening monetary conditions add complexity. Nevertheless, Gulf capital markets have demonstrated resilience. Encouraged by diversified sector participation and healthy post-listing gains, policymakers and market participants appear poised to capitalise on remaining windows of stability.
Zawya
15-07-2025
- Business
- Zawya
Saudi's Sport Clubs fit for debut: IFR
The retail tranche of Sport Clubs Company's SR257.4m (US$69m) IPO was nearly five times covered, marking the third Tadawul listing in a row in which retail demand was not sufficient to cover the whole deal. The Saudi fitness centre operator doubled the size of the retail offering to 20% of the IPO due to robust demand. Retail tranches have typically been 10% but lately this has increased to 20%, which has coincided with cooling in retail interest. Deals are still attracting robust demand compared to other countries but are short of the double-digit levels that had become the norm. IPOs for low-cost carrier Flynas and hospital group Specialized Medical Company both lacked enough demand to cover the whole deal and have traded poorly, down 3% and 13.3%, respectively, as of Monday. Retail demand for SCC totalled SR247.7m for 6.86m shares at SR7.50 each. There were 259,690 retail investors participating who were allocated 10 shares each, with the rest awarded pro rata. Institutional demand continues to be robust, with SCC earlier attracting demand of SR11.35bn/US$3bn, around 45 times' coverage of the 80% allocated to those investors. The 34.3m shares in the IPO represent a 30% free-float. A trading date is yet to be set. BSF Capital is running the IPO.
