Saudi Arabia's capital markets regulator approves flynas IPO

Saudi Arabian budget airline flynas, which is backed by billionaire Prince Alwaleed Bin Talal, is planning to float on Riyadh's bourse, the kingdom's markets regulator said on Friday. The nearly twenty-year-old company is going ahead with plans to sell a 30% stake, according to a statement by the Saudi capital markets authority, joining a raft of companies that have flocked to Gulf bourses in recent years.<br/>