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Agreement signed on the sidelines of Dubai Airshow.
New aircraft to enter fleet starting 2019 and will support the carrier with its growth and expansion plans.
Sharjah, UAE: Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier (LCC), today announced that it has signed a lease agreement for six Airbus A321neo Long Range aircraft with the Los Angeles based Air Lease Corporation (NYSE:AL) (ALC). These additional aircraft will join Air Arabia’s fleet starting 2019 and will help the airline better serve its existing network as well as enter longer range routes in the near future.
The agreement was signed between Adel Al Ali, Group Chief Executive Officer of Air Arabia and Alex Khatibi, Executive Vice President of Air Lease Corporation on the sidelines of Dubai Airshow.
The A321 is a member of Airbus industry leading A320 family which makes up of Air Arabia’s current fleet. The A321neo LR has been further enhanced with its new engine option (NEO) jetliner versions and expanded seating capacity with optimised use of cabin space. It is the longest range single aisle airliner on the market. Air Arabia’s new A321neo LR aircraft will feature 215 seats per aircraft while maintaining Air Arabia’s industry leading seat pitch that customers currently enjoy.
Adel Al Ali, Group Chief Executive Officer of Air Arabia commented: “We continue to witness growth in passenger traffic across our hubs and remain focused on our business model and mission to provide affordable fare and value for money to passengers. The addition of A321neo Long Range aircraft allow us to expand our service to longer range destinations and helps offer more flexibility in our existing high density routes. We look forward to receiving the new aircraft in 2019 as we continue to offer our customers an excellent product with more destinations to discover”.
The new A321neo LR will join Air Arabia’s existing fleet of 50 A320 aircraft that serve over 133 routes from five hubs in the UAE (Sharjah and Ras Al Khaimah), Morocco, Egypt and Jordan.
“We operate our business on a global basis, providing aircraft to airline customers in every major geographical region; and as the fastest growing aviation market in the world, the Middle East region remains one of our key markets. Our relationship with Air Arabia dates back to the formation of the airline and we are pleased to sign this lease agreement with Air Arabia supporting their ambitious growth plans. The A321neo Long Range will complement the carrier’s existing fleet and support its vision to expand into new markets,” said, Alex Khatibi, Executive Vice President of Air Lease Corporation.
“We are pleased that Air Arabia have chosen to support its fleet with our world-class A321 LR, which is a great addition complementing its current all Airbus fleet,” said John Leahy, Chief Operating Officer Customers, Airbus Commercial Aircraft. “With its unique customised interior and passenger comfort, the aircraft will enable Air Arabia to continue to innovate and lead the low cost air travel market in the MENA region while providing its customers with a great value driven product”.
The A321neo LR builds on the success of the A321neo, which has captured over 80 percent of the market share with more than 1,400 orders to date. It provides additional flexibility as it has the longest range of any single aisle airliner, enabling airlines to tap into new markets not previously accessible with current single aisle aircraft.
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About Air Arabia (DFM: AIRARABIA):
Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa’s leading low-cost carrier (LCC). Air Arabia commenced operations in October 2003 and currently operates a fleet of 50 new Airbus A320 aircraft, serving over 133 routes from five hubs in the UAE (SHJ & RKT), Morocco, Egypt and Jordan. Air Arabia is an award-winning airline that focuses on offering comfort, reliability and value-for-money air travel. For further information, please visit: www.airarabia.com.
About Air Lease Corporation (NYSE: AL)
ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.
