Jazeera Airways has halved its bank financing from $2bn to $1bn to finance the purchase of new Airbus aircraft. Initially the airline was planning to seek funding for 70% of the deal, but now the airline will fund only 30% of the deal with financial aid from commercial banks, Jazeera Airways CEO, Marwan Marzouq Jassim Boodai told Reuters. “The rest will come through sales and leasebacks with aircraft companies,” Boodai added.
The airline has signed a deal of twenty A320-200 and eight A321-200 with Airbus in November 2021. The airline has already transferred $100 million pre-delivery payment for the 28 Airbus narrowbodies, Boodai said, and it has already taken delivery of two of them. Three more are expected to arrive this year.
Going ahead, the airline has predicted a positive outlook for 2023 and anticipates the fleet growth to 35 by 2026.