Element List	Explanation
Introduction	flynas has entered with the Syrian Civil Aviation Authority for a joint venture arrangement to establish and operate a new airline company based in Syria under the flynas brand.
Memorandum Signing Date	2026-02-07 Corresponding to 1447-08-19
Counterparty	Syrian Civil Aviation Authority
Memorandum Subject	The joint venture arrangement outlines the proposed relationship between flynas and the Syrian Civil Aviation Authority as joint venture partners in a company to be established in Syria, with flynas holding an initial 49% ownership interest and the Syrian Civil Aviation Authority holding 51%. The primary objective of the joint venture is to establish “flynas Syria” as a Syrian-based low-cost carrier. All required licensing, regulatory approvals, and operational arrangements are in the process of being finalized in coordination with the relevant authorities.
Memorandum Duration	The duration of the joint venture will be determined in the constitutional documents of the new company upon its establishment.
Related Parties	No related parties.
Financial Impact	The financial impact of the new entity on flynas is expected to be reflected through flynas’ share of the entity’s results once operations commence. The amount and timing of any such impact cannot be reliably determined at this stage and will depend on the incorporation of the company and the commencement of its operating activities.
Additional Information	Any material developments in relation to the proposed joint venture will be announced in due course. The arrangements, including licensing, regulatory, and operational requirements, remain subject to finalization and approval by the relevant authorities.