Air Arabia Secures $230m For A320s

UAE-based carrier Air Arabia has secured a $230m financing deal from Dubai Islamic Bank (DIB) for the purchase of six new A320 aircraft.

UAE-based carrier Air Arabia has secured a $230m financing deal from Dubai Islamic Bank (DIB) for the purchase of six new A320 aircraft.

The Ijara loan facility will finance the delivery of a new aircraft every two months starting in January 2015.

Air Arabia has so far received 29 of the 44 A320 aircraft it ordered from Airbus in 2007.

Adel Ali, group CEO of Air Arabia, said: “We are glad to have our 2015 aircraft financing requirement done through a local Islamic bank, which reflects the trust and confidence we have in the local banking and finance industry.”

TAGS: Middle East
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