Jazeera Airways Group has increased the capital of its fully-owned leasing arm, Sahaab Aircraft Leasing, from KD 20 million to KD 29 million to take advantage of new market opportunities.
Sahaab Aircraft Leasing was launched in October 2008 to acquire and lease high-utility commercial aircraft for customers, and started operations with Jazeera Airways as its first customer. Sahaab was then acquired by Jazeera Airways Group in February 2010 as part of the Group's vertical integration strategy of investing in services that compliment passenger airline operations.
Jazeera Airways Group Chairman Marwan Boodai said: "Sahaab's acquisition brought immediate benefits to our business as planned, such as consistent and stable revenue streams as well as access to global leasing markets. And now less than a year since our acquisition we see additional growth opportunities opening up in the leasing market. Thus, Jazeera Airways Group committed to increasing Sahaab's capital through internal resources."
The leasing company now has six Airbus A320 aircraft placed with Jazeera Airways and four Airbus A320 aircraft placed with the San Francisco-based Virgin America, and one Airbus A320 placed with a third undisclosed customer.
Jazeera Airways Group, which recently closed its best performing third quarter in history by registering KD 4.4 million in net profit, is the parent company for both Jazeera Airways, the passenger airline, and Sahaab Aircraft leasing.
Jazeera Airways Group owns 11 Airbus A320s and is listed on the Kuwait Stock Exchange.