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Forbes Cover Highlights flynas Historic $1.1 IPO, the First Airline Listing in KSA

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Forbes Middle East, the leading financial and economic magazine, highlighted the historic Initial Public Offering by flynas, the leading low-cost airline in the world and the best LCC in the Middle East, that raised $1.1 billion in the first-ever airline listing in Saudi Arabia.
In its August edition, Forbes published an exclusive interview with Bander Almohanna, CEO and Managing Director of flynas, with his photo leading the magazine cover, about flynas “flying ahead” on a new route for the low-cost aviation industry.
Forbes said that flynas made history being the first ever listed carrier in Saudi Arabia to go public after offering 30% of its shares to the public last June, raising $1.1 billion “in a landmark IPO”. In the exclusive interview, the magazine explored Almohanna’s vision and focus on further route expansion and new destinations for flynas.
Forbes Middle East, the Arabic version of the renowned American magazine Forbes, quoted Almohanna as saying that the offering, which was 100% oversubscribed valuing the airline at $3.6 billion, marks “a significant milestone not only for flynas but also for the Saudi financial market and the broader aviation sector.”
The listing coincided with a surge in IPO momentum across the Gulf. Despite global headwinds, the GCC saw 27 deals raising $4.1 billion in the first half of 2025, with flynas topping the list with more than 25% of the total capital raised, Forbes highlighted.
“flynas benefited from the Kingdom’s resilience, robust growth, and the clarity of Vision 2030,” Almohanna said, highlighting the aviation’s key role in the national transformation.
Forbes said that Almohanna has joined flynas since its early stages as the Chief Financial Officer of the group, that was launched in 2007, and played a central role in flynas’s evolution. With a background in finance, including a stint at the Saudi Arabian Monetary Agency from 1993 to 2002 in the Banking Supervision Department, transitioning from finance to aviation was a strategic evolution for Almohanna. “My financial background gave me a solid foundation in understanding the economic dynamics of the airline industry,” Almohanna told Forbes. “It has allowed me to make informed, data-driven decisions that support long-term operational and financial sustainability – something every CEO should be equibbed to do,” he added.
He was promoted to Executive Vice President in 2008 and became managing director and CEO in 2015, leading the flynas Group (flynas, NASJET, and flynas Hajj & Umrah) through rapid growth.
Forbes quoted Aljoharah Alsmari, VP of Investment Banking at BSF Capital, a lead manager of the IPO, as saying, “As the only independent low-cost carrier in Saudi Arabia, flynas is internationally recognized for its operational efficiency and rapid growth.”
As new entrants to the market emerge and legacy carriers expand, flynas continues to differentiate itself through its regional footprint, aggressive fleet expansion, and strategic focus on high-growth segments, particularly religious tourism, Forbes said. “Competition is always welcome – it drives innovation,” Almohanna noted.
In 2018, flynas launched its “We Connect the World to the Kingdom” strategy, targeting international destinations that had not previously had direct routes to Saudi Arabia, Forbes said. Flynas plans to more than double its current fleet to 160 aircraft by 2030, with its network set to grow from over 70 destinations to 165 and more than 300 routes, Forbes mentioned.
As for MENA’s aviation sector, Almohanna sees a strong potential. “Saudi Arabia, in particular, has all the right ingredients to become an aviation powerhouse,” he stressed.
flynas, the leading low-cost airline in the world and the best LCC in the Middle East, and the first airline listed on the Saudi Exchange (Tadawul) operates 139 routes to more than 70 domestic and international destinations in 30 countries with more than 2000 weekly flights and has flown more than 80 million passengers since its launch in 2007, with the aim to reach 165 domestic and international destinations within its growth and expansion plan, and in line with the objectives of Vision 2030.

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بعد مرور أكثر من ثلاثة عقود ..تكييف تجري تغييرًا في قيادتها وتُعيّن تونا غولينك رئيسًا تنفيذيًا لها

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أعلنت تكييف عن تعيين تونا غولينك في منصب الرئيس التنفيذي للمجموعة، مسجلة بذلك أول تغيير في قيادة الشركة الرائدة في توفير حلول التبريد منذ أكثر من ثلاثة عقود. ويأتي غولينك خلفًا لطارق الغصين الذي قاد أعمال الشركة العائلية منذ العام 1994، ونجح في تحويلها من شركة موزعة لعلامة تجارية واحدة، إلى أكبر مجموعة مستقلة لأنظمة التدفئة والتهوية وتكييف الهواء في الشرق الأوسط.

 

وبهذه المناسبة، أكد طارق الغصين، الذي سيتولى منصب رئيس مجلس الإدارة، أن غولينك يمتلك الرؤية الاستراتيجية والقيادة العالمية، إلى جانب القدرة على تنفيذ تحوّلات كبيرة في الأعمال، وهو ما سيعزز نجاح تكييف في المستقبل. وأضاف: “لدينا خطط طموحة للتوسع والنمو، لذا إن خبرة غولينك العريقة وفهمه العميق للمشهد التنافسي والاقتصادي والجيوسياسي سيمنحنا قيمة مضافة ورؤية ثاقبة وفرصًا واعدة للتوسع في المستقبل، وهو الشخص الأمثل لقيادة الشركة في المرحلة المقبلة”.

 

يتمتع تونا غولينك بخبرةٍ تزيد عن 20 عامًا في هذا المجال، حيث شغل العديد من المناصب العليا، وقام ببناء وتوسيع العمليات الرئيسية في تركيا وأوروبا والشرق الأوسط وأفريقيا. وتبرز رؤيته القيادية واستراتيجيته التنفيذية في هذه الأسواق العالمية، حيث قاد تحوّلاتٍ كبيرة في الأعمال وأجرى عمليات استحواذ نموذجية، مما ساهم في تحقيق نمو كبير. وبفضل تركيزه على الأفراد، وقدرته على بناء فرق عمل متعددة الثقافات وعالية الأداء أصبح معيارًا للتميز في الصناعة. وغولينيك حاصل على شهادة ماجستير في إدارة الأعمال التنفيذي من معهد إنسياد.

 

من جهته، قال تونا غولنيك، الرئيس التنفيذي لتكييف: “تقوم أعمال تكييف على الالتزام الراسخ بالابتكار والتميز، وقليلة هي الشركات في المنطقة التي تمتلك إرثًا مؤثرًا مثل إرث “تكييف”. الفرصة أمامنا استثنائية، وأنا متحمس لإمكانيات النمو في هذه المنطقة وخارجها. كما يشرفني أن أعمل جنبًا إلى جنب مع رئيس مجلس الإدارة، وفريق “تكييف”، لتسريع عجلة النمو وإعادة تشكيل مستقبل يعزز قدرتنا على الابتكار والتميز التشغيلي”.

 

وأعرب الغصين، رئيس مجلس إدارة تكييف، عن فخر المجموعة واعتزازها برسم مسار قطاع التبريد في الشرق الأوسط وبناء إرث قائم على قوة التكنولوجيا التحويلية والابتكار. وأضاف: “إن تسليم القيادة إلى الجيل القادم من المديرين التنفيذيين كان رؤية طويلة الأمد بالنسبة لي، وقد أصبح ذلك ممكنًا أخيرًا بفضل الخبرة الاستثنائية التي يجلبها غولينك كرئيس تنفيذي لتكييف. إنه أحد أبرز وألمع القادة في القطاع، ويتمتع برؤية استراتيجية وتميز تشغيلي يمكنه من رفع مستوى الأعمال إلى آفاق جديدة، ونحن متحمسون جدًا لانضمامه إلى الفريق”.

 

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The Middle East’s Most Expensive Penthouse at Bugatti Residences by Binghatti Sold for 550M

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 Binghatti is proud to announce a landmark achievement in the region’s luxury real estate sector with the sale of the most expensive penthouse in Dubai and the Middle East, valued at AED 550 million, at the iconic Bugatti Residences by Binghatti.

The historic transaction was concluded by Binghatti’s Chief Sales Officer Abdullah Binghatti, setting a new world record for Dubai’s real estate market and achieves the highest price per square foot ever recorded in Business Bay, reaching AED 11,650 per sq.ft.

Commenting on the achievement, Chairman Muhammad Binghatti states “Year to date, we have achieved the number-one position in Dubai’s real estate market, with more than 14,000 units sold, surpassing both public and private peers. As Dubai’s fastest-growing real estate player, Binghatti has now risen into the top three developers in the city, commanding a significant share of the market according to the latest Dubai Land Department figures. These results reflect the strength of our strategy and the trust our clients place in our vision.”

Spanning an extraordinary 47,200 sq.ft, this ultra-exclusive residence stands as a testament to the unmatched demand for Bugatti Residences by Binghatti, the world’s first Bugatti-branded residential development.

The development has already become home to several global icons, with football superstar Neymar Jr., Italian tenor Andrea Bocelli, and international footballer Aymeric Laporte among those who have purchased residences within the project.

Crafted for the world’s most discerning high-net-worth individuals, Bugatti Residences blends the elegance of French art de vivre with the energy of Dubai’s metropolitan core. Located in the heart of Business Bay, the development offers unparalleled access to the city’s major landmarks and business hubs, making it a preferred destination for global elites seeking prestige, security, and elevated living.

With its ultra-luxury homes, signature Sky Mansion penthouses, and world-first features, including exceptional privacy and bespoke amenities, Bugatti Residences continues to define the uppermost tier of Dubai’s luxury property landscape.

This record-breaking sale further reinforces Dubai’s position as a global capital for luxury real estate and highlights Binghatti’s ongoing commitment to delivering architectural icons that push the boundaries of
innovation and exclusivity.
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tpay Secures License to Offer Direct Mobile Payments for Government Services in Egypt

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Cairo, Egypt – 11 December 2025 – In a move aimed at promoting financial inclusion and providing new payment channels for all segments of Egyptian society, tpay, the leading value-added services provider, announced today the signing of Egypt’s first license with the National Telecom Regulatory Authority (NTRA) to offer Direct Carrier Billing (DCB) for government payments.
This milestone represents a significant step in advancing digital payments in Egypt, allowing citizens to pay for essential government services such as electricity and utility bills, traffic fines, and civil registry services directly through their mobile balance or added to their monthly mobile bill. The initiative expands access to citizens who own mobile phones but do not hold bank accounts or cards, making essential services available anytime with simple and seamless steps, without complex procedures.
The framework agreement was signed by Ahmed Nabil, tpay General Manager, and Mohamed Shamroukh, President of NTRA, marking a key step toward enabling and operationalizing mobile-based government payments in Egypt.
“This development marks a turning point in enabling secure and frictionless payments for government services via mobile numbers,” said Isik Uman, Group CEO of tpay. “Through this licensed framework, we are laying the foundation for a national digital payment channel that broadens access, improves convenience, and supports Egypt’s evolving digital economy. Our mission as a payment connector is to simplify transactions and bring essential services closer to every citizen.”
Financial inclusion data indicates that 76.3% of Egyptian adults already hold active bank accounts, while mobile and mobile internet penetration is nearly universal, highlighting a major opportunity to extend digital payments to even more citizens through mobile devices.
This licensed framework reinforces tpay’s role as the main payment enabler for mobile-based government services in Egypt, providing a trusted, flexible, and scalable pathway for government fee collection, and paving the way for further growth as more government services transition to digital channels.

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