Page 7 - Al Tijarah - December 2019
P. 7

Air Arabia … 16 years of flying to

                                          170 destinations

         Air Arabia doubled its destination  by                                                                 48
         more than  3000%, flying  just 2  aircraft
         to  5 destinations in 2003  and now  has
         a fleet of 55 airplanes serving more than
         170 international destinations  from its
         operation centers in the UAE, Morocco
         and Egypt.

         Air Arabia has celebrated its 16th                                                                     SHARJAH ACTIVITIES
         anniversary with success in changing the
         concept of air travel  in the  region. The
         high demand for the company's services
         has quickly proved the success of  its
         business model, and the airline continues
         to  lead the economic  aviation  sector   North Africa, by providing  a successful   of passengers transported in the first half
         in the region, and the business model it   model for economic aviation that meets   of  2018,  and  the seat occupancy  rate
         established continues to prove successful   the needs of a wide range of customers   maintained its high rate of 84% during this
         and effective                      in the region.                    period.

         Air Arabia launched in 2003  under the   In the  first half of this  year, Air Arabia   On the other hand, Air Arabia reported a
         guidance of His Highness Sheikh Dr. Sultan   registered net  profit  of  338  million   record net profit of AED 471 million for
         bin Mohammed al-Qasimi, Member of the   dirhams, an increase of 47% compared to   the three months ended September 30,
         Supreme Council and Ruler of Sharjah, to   the same period of 2018. The company   2019, up 57% from AED 300 million in
         be the first economic carrier in the Middle   transported more than 5.82  million   the same period last year. The company's
         East and North Africa. Since its launch, the   passengers  from its  four operations   revenue jumped 12%  to  AED 1.438
         carrier has been able to revolutionize the   centers during the first half of 2019, an   billion, compared to a total of AED 1.282
         concept of travel in the Middle East and   increase of 12% compared to the number   billion in the same period last year.

              “S & P” confirms Sharjah’s positive ratings

         Standard  & Poor's  international  credit ratings have been
         established as long-term and short-term sovereign credit ratings
         in the local and foreign currencies of Sharjah at BBB+ and A-2,
         respectively, and gave it a stable outlook. The agency indicated
         that its confirmation of the rating was due to Sharjah's strong
         financial position and low risk exposure, adding that it expects
         the emirate's economic growth to expand by 2% between 2019
         and 2022, as well as expected  to accelerate  GDP growth in
         2020 based on business growth in the real estate, construction,
         industry and tourism sectors.

         The agency said that the growth of Sharjah’s economy is closely
         related to the growth of the economy of Abu Dhabi and Dubai,
         noting that the classification it granted to the Emirate of Sharjah
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