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Mon 17 Jun 2013 01:57 PM

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Kuwait's Jazeera seals $90m financing deal

Airline says funding will be used to purchase three new Airbus A320 aircraft

Kuwait's Jazeera seals $90m financing deal
Marwan Boodai, chairman of Jazeera Airways.

Jazeera Airways Group said on Monday it has secured funding worth $90m for future aircraft purchases.

The financing deal has been signed with the National Bank of Kuwait (NBK) and DVB Bank, a statement said.

The loan, which has a 12-year term, aims to fund the purchase of three new Airbus A320 aircraft, one of which was delivered earlier this month.

Jazeera Airways Group chairman Marwan Boodai said: “With this deal, we have secured our funding requirements for the coming two years. NBK and DVB Bank SE are true long-term partners in our business and we are humbled by their continued support for our operations.”

To date, Jazeera Airways Group has taken delivery of 13 Airbus A320s since 2005, as part of an order for 15 aircraft of the same type. The remaining two aircraft of the order are scheduled to be delivered in October and May 2014.

The three new aircraft are part of the airline’s growth strategy, he added.

The Airbus A320 is the world’s best-selling aircraft. There are over 5,500 A320 aircraft in operation by airlines across the world, and over 3,900 aircraft scheduled for delivery over the coming years.

Jazeera Airways is based in Kuwait and serves 19 destinations in the Middle East including Dubai, Bahrain, Beirut, Alexandria, Amman, Istanbul, Sharm El Sheikh, Assiut, Luxor, Mashhad, Sohag, Jeddah, Riyadh, Cairo and Al Najaf.

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