KUWAIT, The National Bank of Kuwait (NBK), DVB Bank, and Jazeera Airways Group (JAG) today announced a $90 million commercial facility for funding JAG’s aircraft purchases through a structured facility led by NBK and DVB Bank SE of Frankfurt/Main.

The loan, which has a 12-year term, to fund the purchase of three brand new Airbus A320 aircraft, one of which was already delivered earlier this month.

Sheikha Al-Bahar NBK chief executive executive said, “NBK’s relationship with Jazeera Airways Group dates back to the very early days of the company’s success. In 2008 NBK managed the company’s IPO and we’ve continued to support the company’s various funding requirements since then.  Today Jazeera Airways is one of the few success stories to come out of the Middle East over the last decade. We are proud to be part of the airline’s success story.”

Bertrand Grabowski DVB Bank SE member of the board of managing directors, added, “Our relationship with Jazeera Airways Group dates back to June of 2005 when DVB Bank SE was part of the original group of banks to fund the airline’s first four aircraft. Eight years later, it is a pleasure to witness the very airline that we helped seed in 2005 transform into the market-leading and profitable airline it is today.”

Marwan Boodai Jazeera Airways Group chairman added: “With this deal, we have secured our funding requirements for the coming two years. NBK and DVB Bank SE are true long-term partners in our business and we are humbled by their continued support for our operations.”

Jazeera Airways Group took delivery of 13 Airbus A320s since 2005, part of an order for 15 aircraft of the same type. The remaining two aircraft of the order are scheduled to be delivered in October 2013 and May 2014. 

Jazeera Airways Group is a Kuwait Stock Exchange-listed company with a fleet of 13 owned Airbus A320s, through its airline business, Jazeera Airways (operating seven aircraft), and its fully-owned leasing subsidiary Sahaab Aircraft Leasing (operating six aircraft).  Sahaab has its aircraft assets placed with Virgin America, SriLankan Airlines, Nasair and Jazeera Airways.

Jazeera Airways operates its seven Airbus A320s with a two-class cabin comprising a business class and an economy class.