Posted by Neil King
Air Arabia has announced a $3.6 billion investment in 44 new aircraft over the next three years.
The low-cost carrier, which has hubs in Sharjah, Egypt and Morocco and is listed on the Dubai stock exchange, is also preparing to open a fourth hub in Jordan next year.
Speaking at the Celebration of Entrepreneurship conference in Dubai, Air Arabia's chief executive Adil Ali said that the airline's fleet will now total 70 aircraft thanks to the investment, Dow Jones reported.
"Total investment in those planes is $3.6 billion. We're working very closely with the European credit agencies for the financing of the planes," he added.
One aircraft has already been delivered to the company, with one more scheduled for delivery this year. An additional six aircraft will be delivered in 2011, the CEO said.
Last month, chief executive officer of Dubai World Trade Centre Helal Saeed Almarri, noted that the Middle East has seen "significant investment" in regional airports and infrastructure for tourism and business.