Air Arabia buys 49 per cent stake in Jordan’s Petra Airlines

429Air Arabia has bought a 49 per cent stake in Jordan’s Petra Airlines, the UAE-based carrier announced on Monday.

Following the acquisition, the low-cost carrier will open a new international hub at Amman Queen Alia International Airport and Petra Airlines will be rebranded as Air Arabia Jordan.

Sheikh Abdullah Bin Mohammad Al Thani, Chairman of Air Arabia says: “Partnering with an established airline like Petra Airlines provides this agreement with an advantageous position in terms of operational and commercial support, which will enable Air Arabia Jordan to reach its full potential in a shorter time span.”

“The establishment of a new hub in Jordan extends Air Arabia’s operational footprint into the heart of the Levant. This step will also provide the Jordanian economy with a reagent for growth through direct contributions to the local economy,” Sheikh Abdullah adds.

Air Arabia Jordan is expected to start operations in the first quarter of 2015. The newly established carrier managed by Air Arabia will follow the carrier’s business model as serving Air Arabia’s fifth hub in the Arab world.

Air Arabia Jordan will provide direct service to a range of destinations across the Europe, Middle East and North Africa region from Queen Alia International Airport.

Petra Airlines’ main partner RUM Group will maintain a 51 per cent stake in the airline.

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