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UAE's Air Arabia buys 49% of Jordan's Petra Airlines
[DUBAI] Sharjah-based budget carrier Air Arabia said on Monday it acquired 49 per cent of Jordan's Petra Airlines and plans to turn Amman into a new hub.
The first and largest low-cost carrier in the Middle East and North Africa will rebrand Petra as Air Arabia Jordan, which should begin operations in the first quarter of this year, Air Arabia said in a statement to the Dubai bourse, where it is listed.
The new carrier will be managed by Air Arabia and its routes announced in the coming weeks.
Jordan's RUM Group will maintain a 51-per cent stake in the new joint venture.
Air Arabia, which began operations from the emirate of Sharjah in 2003, already has two other hubs in Egypt and Morocco.
It operates a fleet of 40 narrow-body Airbus A320 serving some 100 destinations.
Petra Airlines is an air charter company founded in Amman in 2005. It has a fleet of two A320 aircraft.