Freedom Town, Kuwait June 24, 2014 — Jazeera Airways Group today announced that its has secured a USD 70.5 million dollar debt facility through Kuwait’s Ahli United Bank (AUB) as part of the Group’s ongoing strategic debt restructuring plans to align with future growth plans. The financing scheme has a three-year term with a roll-over facility.
Jazeera Airways Group Chairman, Marwan Boodai, said, “This facility, which will help us fund our future plans, is significant for both its timing, as it comes at time when debt markets are favorable, and for being secured through a leading bank that is based in our home market, thus further boosting the value Jazeera Airways Group brings to our market.”
AUB Kuwait is one of the leading Shariah-compliant banks in the Middle East with strong on-ground retail, wholesale, and corporate banking operations in Kuwait, Bahrain, and other countries in the Middle East.
AUB Kuwait General Manager Corporate Banking, Hisham Zaghloul, stated, “In line with Ahli United Bank’s strategy to serve the local market and strengthen ties with market players under various business sectors, we take pride in having collaborated with Jazeera Airways in serving their future business plans. Jazeera Airways is a leading player and pacesetter in the aviation industry and this transaction reflects a long-term partnership mutually beneficial to both our organizations. We wish Jazeera Airways all success as it continues to serve Kuwait and the Region.
Jazeera Airways Group is a Kuwait Stock Exchange-listed company with a fleet of 15 wholly-owned Airbus A320s, through its wholly-owned leasing-arm Sahaab Aircraft Leasing. Sahaab has assets placed with Virgin America, SriLankan Airlines, Flynas, TAP Portugal and Jazeera Airways.
Jazeera Airways, the airline, operates its seven Airbus A320s with a two-class cabin comprising a Business Class and an Economy Class. Business Class travelers get both an upgraded experience and exclusivity, starting with exclusive check-in lines, business lounge access, up to 60 kilograms in free baggage allowance, and an exclusive on-board cabin. The airline’s Economy Class offers travelers free baggage allowance of 40 kilograms and free on-board meals with a changing menu every month