Jazeera Air buys leasing firm for $89 mln
KUWAIT – Kuwaiti carrier Jazeera Airways said it has fully acquired Sahab Aircraft Leasing Co, a leasing firm launched in 2008 for 25.6 million dinars ($88.77 million).
“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 on Monday.
In January, the firm’s chief executive told Reuters that it was eyeing acquisitions in firms and airlines in the Middle East.
“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 United Arab Emirates-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.