By Sharen Kaur
KUALA LUMPUR: Saudi Arabia's carrier Flynas will raise over US$100 million (RM330 million) by the end of this year to help fund its growth, which includes expansion into Malaysia.
Flynas chief executive officer Raja M. Azmi said the airline is mulling over issuing sukuk or other financial instruments, such as securitisation of assets or revenue.
"We are talking to Arab and Malaysian banks. It is to partly finance the airline's growth and develop the global flight routes," said Raja Azmi, formerly AirAsia Bhd executive vice-president and group chief financial officer.
Flynas, owned by Nas Holdings, which is controlled by Arab royalties, offers flights within the Arab region, Turkey, Sudan and Egypt.
From April, it will offer regional travellers access to affordable, high-value air travel to Europe, Asia and Africa, operating out of its hub in Jeddah.
The new destinations include Kuala Lumpur, London, Gatwick and Manchester in the United Kingdom, Paris, Jakarta, and Casablanca.
In the near future, it will fly to Pakistan and India.
The global expansion is part of the airline's aim to fly 20 million passengers annually by 2020.
Last year, Flynas flew 3.5 million passengers and the target this year is to serve five to six million passengers, Raja Azmi said.
At a press conference after the launch of the Kuala Lumpur-Jeddah route yesterday, Raja Azmi said Flynas will use the A330 planes to offer three weekly flights starting early April.
The frequency will be doubled by the end of the year.
"We will fly out of the Kuala Lumpur International Airport in Sepang. If there is a good offer, we will fly from klia2.
"Our flight fares will be lower than the local airlines, especially AirAsia. In fact, we are talking to MAS, AirAsia and Malindo Air for code sharing and alliance," he said.
Raja Azmi is bullish on the airline's prospects here, targeting the 200,000 Muslims who travel for their annual pilgrimage to Mecca, as well as non-Muslims.
Flynas is also targeting Arab holidaymakers. In the first nine months of last year, some 73,000 Arabs visited Malaysia.
Flynas chief executive officer Raja M. Azmi said the airline is mulling over issuing sukuk or other financial instruments, such as securitisation of assets or revenue.
"We are talking to Arab and Malaysian banks. It is to partly finance the airline's growth and develop the global flight routes," said Raja Azmi, formerly AirAsia Bhd executive vice-president and group chief financial officer.
Flynas, owned by Nas Holdings, which is controlled by Arab royalties, offers flights within the Arab region, Turkey, Sudan and Egypt.
The new destinations include Kuala Lumpur, London, Gatwick and Manchester in the United Kingdom, Paris, Jakarta, and Casablanca.
In the near future, it will fly to Pakistan and India.
The global expansion is part of the airline's aim to fly 20 million passengers annually by 2020.
Last year, Flynas flew 3.5 million passengers and the target this year is to serve five to six million passengers, Raja Azmi said.
At a press conference after the launch of the Kuala Lumpur-Jeddah route yesterday, Raja Azmi said Flynas will use the A330 planes to offer three weekly flights starting early April.
The frequency will be doubled by the end of the year.
"We will fly out of the Kuala Lumpur International Airport in Sepang. If there is a good offer, we will fly from klia2.
"Our flight fares will be lower than the local airlines, especially AirAsia. In fact, we are talking to MAS, AirAsia and Malindo Air for code sharing and alliance," he said.
Raja Azmi is bullish on the airline's prospects here, targeting the 200,000 Muslims who travel for their annual pilgrimage to Mecca, as well as non-Muslims.
Flynas is also targeting Arab holidaymakers. In the first nine months of last year, some 73,000 Arabs visited Malaysia.
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