• Saudi budget airline Flynas, co-owned by Saudi billionaire Prince Alwaleed Bin Talal's firm, is moving forward with its initial public offering (IPO) and has chosen Morgan Stanley to facilitate the process. Flynas plans to sell existing shares to the public, including a potential portion of Prince Alwaleed's Kingdom Holding's 34 percent stake. Despite Prince Alwaleed's recent detention amid an anti-corruption investigation, Flynas remains committed to the IPO, a move consistent with Saudi Arabian IPOs typically involving around 30 percent of a business.

• While concerns over the impact of the investigation on the economy have been raised, the central bank has assured the business community that companies and banks owned by detained individuals can operate normally. Kingdom Holding, facing a recent decline in share value, stated that it has government support and will continue to operate "business as usual." Morgan Stanley and NCB Capital, the investment arm of National Commercial Bank, will collaborate on the IPO. Flynas, formerly Nas Air, was previously working with Banque Saudi Fransi but had to make a change due to a conflict of interest after Kingdom Holding's stake purchase in September.