LOS ANGELES, Sept. 26, 2016 (GLOBE NEWSWIRE) -- Today Air Lease Corporation (NYSE:AL) announced long term lease agreements for six new Airbus A321neo aircraft with Air Arabia (Sharjah, UAE). The aircraft are from ALC’s order book with Airbus, delivering between January and October 2019.
“We are delighted to have signed these six new A321neo aircraft leases with our good friends at Air Arabia. These new jets will complement the core A320 family fleet that Air Arabia operates,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “Air Arabia will now be able to expand into new destinations as well as increase capacity on their highest density routes with the most modern aircraft in this category.”
"The new technology Airbus A321neo offers range optimization as well as reduced fuel consumption and carbon emissions, resulting in a very cost-effective aircraft option for Air Arabia’s widespread route network," said Alex Khatibi, Executive Vice President of Air Lease Corporation.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including expected delivery dates. Such statements are based on current expectations and projections about our future results, prospects and opportunities and are not guarantees of future performance. Such statements will not be updated unless required by law. Actual results and performance may differ materially from those expressed or forecasted in forward-looking statements due to a number of factors, including those discussed in our filings with the Securities and Exchange Commission.
About Air Lease Corporation (NYSE:AL)
ALC is a leading aircraft leasing company based in Los Angeles, California that has airline customers throughout the world. ALC and its team of dedicated and experienced professionals are principally engaged in purchasing commercial aircraft and leasing them to its airline customers worldwide through customized aircraft leasing and financing solutions. For more information, visit ALC's website at www.airleasecorp.com.
About Air Arabia
Air Arabia (PJSC), listed on the Dubai Financial Market, is the Middle East and North Africa’s leading low-cost carrier (LCC). Air Arabia commenced operations in October 2003 and currently operates a total fleet of 43 new Airbus A320 aircraft, serving some 120 routes from five hubs in the UAE, Morocco, Egypt and Jordan. Air Arabia is an award-winning airline that focuses on offering comfort, reliability and value-for-money air travel. For further information, please visit: www.airarabia.com.