Air Arabia signs $230 m aircraft financing deal

Dubai Islamic Bank (DIB) and Air Arabia announced today the signing of an aircraft financing deal to facilitate the delivery of six new Airbus A320 aircrafts in 2015.The signing ceremony was held in the DIB head office in the presence of senior executives from both parties.

The US$230 million Ijara facility will finance the delivery of a new aircraft every two months starting January 2015, the program culminating with the final unit being handed over by the end of the year.

Air Arabia has now received 29 of the 44 A320 aircraft it ordered from Airbus in 2007. Each new addition to the Air Arabia fleet is equipped with Sharklet wingtips made from light-weight composites that help to significantly reduce fuel burn and emissions by improving aerodynamics.

Source and image: Air Arabia