Air Arabia and DAE Capital agree aircraft leasing deals with expansion ambitions

Air Arabia, the Middle East and North Africa’s first and largest low-cost carrier, has signed a lease agreement for six Airbus A321neo long-range aircraft with the Air Lease Corporation, based in Los Angeles, at the Dubai Airshow.

The planes will join Air Arabia’s fleet from 2019 and “will help the airline better serve its existing network as well as enter longer range routes in the near future”, the carrier said.

Founded in 2003, Air Arabia, based in Sharjah, currently operates a fleet of 50 Airbus A320 aircraft, serving more than 133 routes from five hubs; in the UAE (Sharjah and Ras Al Khaimah), Morocco, Egypt and Jordan.

“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,” said Adel Al Ali, the Air Arabia group chief executive.

The A321neo LR is the longest-range single-aisle airliner on the market and Air Arabia’s A321neo LR jets will each have a capacity of 215 seats.

“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,” said Alex Khatibi, the executive vice president of Air Lease Corporation. “Our relationship with Air Arabia dates back to the formation of the airline and we are pleased to sign

this lease agreement supporting their ambitious growth plans.”

John Leahy, the chief operating officer for customers at Airbus Commercial Aircraft, added: “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.”

Also at the Dubai Airshow, Dubai Aerospace Enterprise’s (DAE) leasing division DAE Capital and Gulf Air, Bahrain’s national carrier, signed a lease agreement for five Boeing 787-9 Dreamliners. The jets are scheduled to enter the carrier’s fleet next year to help Gulf Air expand its network.

“We are pleased to be in a position to support Gulf Air’s fleet strategy as they look to develop their route offering,” said Firoz Tarapore, the chief executive of DAE, one of the 10 biggest aircraft leasing firms in the world and which has an owned, managed and committed fleet of nearly 400 Airbus, ATR and Boeing planes with a fleet value of US$14 billion.

“Leasing these state-of-the- art new technology aircraft underlines Dubai Aerospace Enterprise’s ability to work across the asset spectrum and help customers with varying fleet requirements. We look forward to supporting Gulf Air as it continues to grow.”

Captain Waleed Al Alawi, the Gulf Air Deputy chief executive, said: “The incoming aircraft represent an important step in our strategic direction towards furthering Gulf Air’s fleet modernisation process ... as we look to strengthen our presence across the globe”.

Air Arabia operates a fleet of 50 Airbus A320 aircraft, serving more than 133 routes from five hubs