Riyad Bank doubles sukuk issuance size, Flynas lands first government travel agreement

Riyad Bank doubles sukuk issuance

Riyad Bank completed its SAR-denominated AT1 sukuk offering, with total subscriptions reaching SAR 13.59 bn, or 2.7x the initial issuance size, according to an announcement. The bank increased the offering to SAR 10 bn from an initial SAR 5 bn.

Capital boost: The perpetual sukuk carries a 6.5% annual fixed return, payable quarterly, with the rate resetting every five years starting 13 August 2031.

Flynas lands first government travel agreement

Gov’t taps flynas for budget state travel: Flynas signed a framework agreement with the Expenditure and Projects Efficiency Authority (Expro) to provide low-cost air travel services to Saudi government entities, marking the airline’s first government travel agreement, according to a press release.

The details: Flynas is completing technical integration with relevant government entities, with services expected to begin in 4Q 2026. More than 250k government travel orders have been issued since 2023, according to Etimad’s statistics. Bringing a low-cost carrier into the market could give government entities more flexibility on pricing and routes.