Syndicated deal to finance purchase of 10 aircraft
Sharjah, UAE; May 20, 2013
Air Arabia, the first and largest low cost carrier (LCC) in the MENA region, signed a US$ 350 million finance deal from a syndicate of two GCC banks to support the acquisition of 10 new Airbus A320 aircraft. Air Arabia signed the deal with senior representatives of Qatar National Bank S.A.Q. (QNB Group), the world's strongest bank, and Commercial Bank International (CBI), a UAE growing commercial bank.
The financing facility is to support the purchase of 10 new aircraft, which is part of a larger order for 44 A320s placed with Airbus in 2007.
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About Air Arabia:
Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa's leading low-cost carrier. Air Arabia commenced operations in October 2003 and currently operates a total fleet of 33 new Airbus A320 aircraft, serving 85 routes from three hubs in the UAE, Morocco and Egypt.
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.
For further information, please contact:
Tameem Alkintar
ASDA'A Burson-Marsteller
Dubai, UAE
Tel:+971-4-4507600
Fax: +971-4-4358040
Email: Tameem.alkintar@bm.com
© Press Release 2013
