The Saudi National Air Service (NAS), a regional charter and fractional-ownership international flight service company, intends to invest another $1.3 billion in modernizing its fleet by the end of 2002. NAS’ chief executive Mohammed Al-Zeir confirmed that the company has already invested $200 million in developing its aviation operations.
Al-Zeir added that the firm aspires to expand its fleet from 10 aircraft to 26. Despite the September 11 terror attacks in the US, Al-Zeir stated he anticipates a growing demand for charter flights in the Middle East in 2002.
NAS is a Saudi-owned airline, operated by two American companies, Gulfstream Aerospace Corporation and Executive Jet. It was established in 1998 with an initial capital of $320 million, in line with the privatization objectives of Saudi Arabia.
The firm’s stated purpose is to develop the country’s air transport sector, and serves high-end business travelers, executives and official flights. The airline does not operate regular scheduled or commercial services, so as not to compete with the national carrier Saudi Arabian Airlines (SAA).
The Jeddah-based NAS recently sold 30 percent of its NetJets fractional aircraft ownership program several months ago and hopes to sell the remaining shares by the end of 2002, reported Al-Watan. — (menareport.com)
© 2001 Mena Report (www.menareport.com)
