Flynas targets 30% market share in Saudi Arabia

Saudi budget airline Flynas expects to boost market share in Saudi Arabia to 30 percent over the coming period, Alhayat newspaper reported, citing CEO Bander Al Mohanna.

The airline will undergo a revamp this year, which will include upgrades of existing fleet, receipt of new aircraft, and addition of new routes.

Flynas had finalized an order for 80 Airbus A3220neo planes valued at $8.6 billion last January, according to earlier news reports.

The Saudi carrier expects to receive the new Airbus A320neo aircraft by August this year, Al Mohanna said.

Flynas is 34 percent-owned by Kingdom Holding Co. (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed Bin Talal.

The airline was reported in November to have picked Morgan Stanley as lead manager for its initial public offering (IPO).