Flynas gets Middle East's Leading Low-Cost Airline accolade again

Bander Al-Mohanna, CEO of NAS Holding, says ‘2016 was a year of major expansion for flynas’.
Updated 04 October 2016
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Flynas gets Middle East's Leading Low-Cost Airline accolade again

Flynas, the Kingdom’s national carrier, has been named as the Middle East's Leading Low-Cost Airline at the World Travel Awards 2016, for the second year in a row. The award was presented to flynas during a ceremony in Dubai on Sept. 29.
In bestowing the award, the organizers noted flynas’ significant expansion over the past 12 months, an increased number of destinations, growth in naSmiles, it loyalty program, and market leading enhancements in its customer focused mobile app and ecommerce suite of products.
Bander Al-Mohanna, CEO of NAS Holding, said: "We are delighted that this work continues to be recognized by the global aviation industry for the second year in a row."
Al-Mohanna added: "While 2016 was a year of major expansion for flynas in terms of business growth and business decisions, we remain committed to continuing to invest in our products and services for the benefit of our guests.”
For this special occasion, flynas has also announced that all guests can now get a discount of SR100 on all of its international destinations by using the promo code, WEWON, on flynas website or on flynas' mobile application. The offer took effect on Tuesday and will last for seven days till Oct. 10, and will give flynas guests the chance to travel until Dec. 31.
World Travel Awards celebrates its 23rd anniversary year in 2016. The annual program is renowned as the most prestigious and comprehensive in the global industry.


Ascott expands presence with 26 new properties

Updated 17 July 2019
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Ascott expands presence with 26 new properties

CapitaLand’s wholly owned lodging business unit The Ascott Limited is accelerating its growth globally with the signing of 26 properties with over 6,000 units across 22 cities and 11 countries. The properties, which will open in phases from 2019 to 2023, are mostly signed under management contracts, with three on franchise agreements. 

In the Middle East, Africa and Turkey region, Ascott Corniche Alkhobar is scheduled to open in Q3 this year, followed by four new Ascott properties in the Kingdom in 2020: Somerset Downtown Alkhobar, Ascott Villas Riyadh, Somerset Corniche Jeddah and Citadines Abha. The recently announced Citadines Al-Aziziyah Alkhobar signing is slated for opening in Q4 2021. With a current presence of 24 properties across 11 cities in the Middle East, Africa and Turkey, Ascott totals more than 3,500 units both in operation and and in the pipeline.

To date this year, Ascott has signed contracts for over 40 properties with more than 8,000 units, an increase of over 40 percent in units compared with the same period in 2018. Ascott has also opened 16 properties with over 2,000 units, a 70 percent increase in operational units compared with 2018. 

Kevin Goh, Ascott’s chief executive, said: “We are fast expanding Ascott’s global network of properties as we continue to pursue an asset-light business model to boost our recurring fee income. While we achieve strong momentum in expanding our global lodging business through strategic alliances, management contracts, franchise and leases, we are also accelerating the number of new property openings.”

He added: “For the first quarter this year, our operational units have contributed 59.7 million Singaporean dollars ($44.2 million) of fee income. We are targeting to open over 40 properties with about 8,500 units this year. For every 10,000 serviced residence units signed, we are expecting to earn approximately 25 million Singaporean dollars in fee income annually as the properties progressively open and stabilize. Through these growth strategies, we are looking forward to the fee income boost when we achieve our target of 160,000 units worldwide by 2023.”

With the recent completion of the Ascendas-Singbridge transaction, CapitaLand through Ascott has become the sponsor of both Ascott Residence Trust (Ascott Reit) and Ascendas Hospitality Trust (A-HTRUST). Including the assets held under these two hospitality trusts, lodging assets under CapitaLand are valued at 31 billion Singaporean dollars, equivalent to 25 percent of the group’s total assets under management. An announcement proposing to combine the two trusts has been made on July 3.

Goh said: “The combination of Ascott Reit and A-HTRUST is a win-win for both unit holders as the combined entity will be Asia Pacific’s largest hospitality trust with an asset value of 7.6 billion Singaporean dollars, making it a lot more attractive to investors.”