Air Arabia , a publicly-listed carrier in the United Arab Emirates, signed a $350 million loan to finance its purchase of 10 new Airbus A320 aircraft, the airline said in a statement on Tuesday.

The Sharjah-based airline said Qatar National Bank and Abu Dhabi-based Commercial Bank International arranged the loan, without providing terms of the loan facility.

Air Arabia, which posted a 20 percent rise in first-quarter net profit, said the purchase of 10 new Airbus planes are part of a larger order for 44 A320 planes it placed with the planemaker in 2007. - Reuters