FINANCIAL NEWS

Kuwait’s Jazeera Airways acquires leasing firm

15 Feb 2009

(MENAFN) Kuwaiti carrier Jazeera Airways said that it has fully acquired Sahab Aircraft Leasing, a leasing firm launched in 2008 for $88.77 million, Reuters reported.

The acquisition gives Jazeera Airways a platform to pursue strategic vertical integration initiatives lined up for 2010 and 2011 that include an airline acquisition and access to global leasing markets, Jazeera said in a statement.

Sahab will have a minimum fleet of 38 Airbus A320s by 2016 based on confirmed orders with the manufacturer,’ the statement said. It currently has a fleet of nine Airbus A320s.

Jazeera, which competes with UAE-based carriers Air Arabia and flydubai, has a firm order for 29 Airbus A320 aircraft and currently operates 11 planes across the Middle East and Egypt.

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