Sahaab Aircraft Leasing places A320 with SriLankan Airlines

Freedom Town, Kuwait – December 13, 2010 – Jazeera Airways Group today announced that Sahaab Aircraft Leasing (Sahaab), a fully owned subsidiary, has placed an Airbus A320 aircraft on long-term lease with SriLankan Airlines in a deal valued at more than USD 20 million for a placement period of more than six years.

This is Sahaab’s second lease to an international customer in the last two months, following the placement of four Airbus A320s to San Francisco-based Virgin America in a deal valued at USD 155 million over a ten-year period.

Jazeera Airways Group Chairman Marwan Boodai said, “We welcome SriLankan Airlines as Sahaab’s second international customer and look forward to a long-term relationship with the airline.”

Boodai added: “With less than a year since our acquisition of Sahaab and we’re already seeing the benefits falling in place. After acquiring our first US-based customer and now our first Asia-based customer, Sahaab is gradually becoming a global aircraft leasing firm with A-list clients operating in well regulated markets, while Jazeera Airways, the airline, has been grabbing leading market shares on the routes it serves, placing it ahead of most of its route competitors.”

Sahaab Aircraft Leasing was launched in October 2008 with Jazeera Airways as its first customer. Sahaab was later fully acquired by Jazeera Airways Group as part of the Group’s vertical integration strategy of investing in services that compliment passenger airline operations.

Today, Jazeera Airways Group is composed of an aircraft leasing business and a passenger airline. The Group has a fleet portfolio of 11 Airbus A320s, six of which are placed with Jazeera Airways, the passenger airline, four with Virgin America, and one with SriLankan Airlines. All placements are long-term leases, bringing sustainable revenue for the Group.

ENDS

About Jazeera Airways Group: Based in Kuwait, Jazeera Airways Group is the holding entity for Jazeera Airways, a Kuwait-based passenger airline, and Sahaab Aircraft leasing. The group currently owns a fleet of 11 Airbus A320s.

Jazeera Airways was established in October 2005 and operates a fleet of 6 new Airbus A320s serving 17 destinations across the Middle East and North Africa. To date, the airline has flown over 6 million passengers since commencing operations in October 2005. In 2010, the airline has consistently outperformed its competitors by grabbing the largest market share on most of the routes it operates, month-on-month.

Sahaab Aircraft Leasing was established in October 2008 and was fully acquired by the Group in 2010. The company acquires high-utility commercial aircraft and leases them to customers. For more information: sahaableasing.com.

Media contacts:
Jazeera Airways Group:
Fawaz Al-Sirri + 965 (6) 6622448 / fawaz@bensirri.com