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Air Arabia...new aircraft financing deal

DIB, Air Arabia sign $230m aircraft financing deal

SHARJAH, November 19, 2014

Dubai Islamic Bank (DIB) and Sharjah-based Air Arabia have signed a $230 million aircraft financing deal to facilitate the delivery of six new Airbus A320 aircraft in 2015.

The signing ceremony was held in the DIB head office in the presence of senior executives from both parties. The multi-million dollar Ijara facility will finance the delivery of a new aircraft every two months starting January 2015.

“This Ijara facility is another milestone in our collaboration with Air Arabia, epitomising the bank’s commitment to make Islamic finance a household name in every industry segment in the UAE and beyond. We are confident that this deal will contribute to the growth of the local economy by bringing value to both organisations and we look forward to supporting Air Arabia’s expansion plans in the future,” said Dr Adnan Chilwan, CEO of Dubai Islamic Bank.

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. – TradeArabia News Service




Tags: DIB | Sharjah | Air Arabia | Islamic bank |

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