Air Arabia signs US$350 million financing deal with QNB Group & CBI

Air Arabia , the first and largest low cost carrier (LCC) in the MENA region, signed a US$ 350 million finance deal from a syndicate of two GCC banks to support the acquisition of 10 new Airbus A320 aircraft. Air Arabia signed the deal with senior representatives of Qatar National Bank S.A.Q. ( QNB Group ), the world’s strongest bank, and Commercial Bank International (CBI), a UAE growing commercial bank.

The financing facility is to support the purchase of 10 new aircraft, which is part of a larger order for 44 A320s placed with Airbus in 2007.