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