New fund to consolidate Saudi fuel retail, flynas resumes Riyadh-Damascus flights

Shuaa Capital + Gate Capital to build a fuel retail consolidator

Shuaa Capital and Gate Capital to set up Saudi Arabia’s first fuel retail consolidation fund: Shuaa Capital Saudi Arabia, a subsidiary of Shuaa Capital, signed an MoU with Gate Capital Financial Services to co-launch an alternative investment fund focused on consolidating the Kingdom’s fuel retail sector, according to a press release.

The fund’s strategy: The planned platform will follow a buy-and-build strategy, starting with the acquisition of an established fuel retail operator, before expanding through further acquisitions to build a network of more than 500 service stations across the Kingdom. The plan is to integrate operators into a single nationwide fuel retail platform.

Flynas restarts Riyadh-Damascus route after regional suspensions

Flynas will resume limited direct flights between Riyadh and Damascus starting 19 April, the budget carrier said on X. Flynas had previously suspended flights to several regional and GCC routes until 15 April — including Abu Dhabi, Dubai, Sharjah, Doha, and Bahrain — due to the regional conflict and airspace closures.

A gradual return to normalcy: Earlier this week, the airline resumed its Dubai flights and launched a Riyadh-Qaisumah route as the ceasefire began to ease pressure on regional skies.

REMEMBER- Flynas has big plans for Syria: Flynas partnered with the Syrian Civil Aviation Authority in February to launch a new carrier, Nas Syria, for passenger and cargo operations. Syria will hold a 51% stake, and flynas will own the remaining 49%, with flights expected to begin in 4Q 2026.