Air Arabia buys 49% stake in Jordan’s Petra Airlines | GulfNews.com

Air Arabia buys 49% stake in Jordan’s Petra Airlines | GulfNews.com:



"Air Arabia said on Monday it has bought a 49 per cent stake in Jordan’s Petra Airlines, in a sign that the Gulf airline industry is maturing as it moves towards consolidation.



The move will see Jordan’s budget carrier being relaunched as “Air Arabia Jordan”, and Sharjah’s Air Arabia opening a new international hub at Jordan’s Amman Queen Alia International Airport, marking its fifth hub globally. The operations are due to commence under the new identity in the first quarter of 2015, according to Air Arabia.



In the first equity acquisition by a budget carrier in the region, the deal will see the existing principal shareholder of Perta Airlines, RUM Group, maintaining a 51 per cent stake in the airline, Air Arabia stated."



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