Jazeera Airways announced that it has purchased Sahaab Aircraft Leasing Company (Sahaab) for 25.6 million Kuwaiti dinars (Dh 325.4 million). Sahaab is a private aircraft leasing company established in 2008 that currently owns a fleet of nine Airbus A320s that were bought and then leased back to Jazeera Airways. Sahaab will continue to operate as a fully owned subsidiary of the airline, leasing aircraft to Jazeera and other carriers in the region.
The acquisition of Sahaab gives Jazeera a way to achieve its strategic vertical integration initiatives set for 2010 and 2011, which include airline acquisition plans and access to global leasing markets. Marwan Boodai, Jazeera Airways chairman, said “As a result of this acquisition, Jazeera Airways will now be even more strongly capitalized to pursue its strategic aspirations, regardless of any prevailing market environment.” The acquisition is expected to be complete by March 31st, 2010.
