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European banks DVB and Natixis Transport Finance set to continue long-term partnerships with the airline
Kuwait and Dubai based airline Jazeera Airways (KSE: Jazeera, Bloomberg: Jazeera KK, Reuters: JAZK.KW), announced that it has signed a deal worth USD $70 million in commercial funding with DVB Bank and Natixis Transport Finance, to finance the purchase of two brand new Airbus A320 aircraft that have been recently delivered to the airline .
European banks DVB and Natixis Transport Finance, strong lenders to the global aviation sector, are intending to build on the strategic partnership they have established with the airline for its future growth.
Jazeera Airways' Chairman and CEO Marwan Boodai said; "That we secured the financing for these two new aircraft despite the challenging International economic climate, demonstrates that the financial community has confidence in our business model and our ability to deliver sustainable results. In securing this deal with DVB and Natixis Transport Finance, we are able to reinforce the message to our customers and investors that Jazeera Airways is committed to growing its fleet to diversify the range of destinations that we fly to and to increase the frequency with which we fly - enabling passengers across the region to fly more, while focusing on delivering higher returns to our investors."
The two new A320 aircraft, as the rest of the Jazeera Airways six-strong fleet, have been fitted with the airline's signature leather seating, while the Jazeera Plus (J+) cabin will offer business travellers the highest standards of comfort, relaxation and a range of in flight amenities. The aircraft will additionally incorporate wider overhead storage, a wider cabin feel and improvements in the cabin's design, which make the aircraft even quieter for travellers.
Bertrand Grabowski, Member of the Board of Managing Directors of DVB Bank SE, and responsible for Aviation said; "DVB is delighted to support the growth development of a key client such as Jazeera Airways by arranging an optimal financing solution at a time when liquidity is so limited, this transaction is a tribute to the solidity of the airline's business model and the commitment of all its management and shareholders."
Christian Mc Cormick, CEO of Natixis Transport Finance, said: "We are proud once again to support Jazeera Airways' development and to maintain our confidence in the airline by providing financing in a difficult financial environment."
Jazeera Airways operates a fleet of eight Airbus A320s from hubs in Kuwait and Dubai to destinations across the Middle East, Europe, Iran, North Africa, and the Indian Subcontinent. The airline has firm orders for 32 additional aircraft, and once all of the aircraft are delivered by 2014, Jazeera Airways will become the largest Airbus A320 operator in the Middle East.
(C) 2008 Al Bawaba (www.albawaba.com)
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