LOS ANGELES, April 15, 2019 – Today Air Lease Corporation (NYSE: AL; “ALC”) announced the delivery of one new Airbus A321-200neo LR aircraft on long-term lease to Air Arabia. Featuring CFM International LEAP-1A engines, this aircraft is the first of six A321-200neo LRs scheduled to deliver to Air Arabia through 2020 from ALC’s order book with Airbus. This A321-200neo LR is also ALC’s first Airbus long-range A321neo to deliver to the Lessor.
“We are pleased to announce the delivery of this first of six new A321-200neo LR aircraft with Air Arabia and be the first to introduce the A321LR to the region today,” said Steven F. Udvar-Házy, Executive Chairman of Air Lease Corporation. “This delivery is particularly significant as this is ALC’s first A321-200neo LR aircraft. A key addition to Air Arabia’s fleet, the A321-200neo LR offers dynamic long-range optimization and increased capacity as the airline expands into new destinations.”
“This new A321-200neo LR aircraft delivery strengthens our long-standing relationship with Air Arabia as the airline continues to excel as one of the premier airlines in the Middle East with the most technologically advanced, fuel-efficient aircraft,” added Alex Khatibi, Executive Vice President of Air Lease Corporation.
Adel Al Ali, Group Chief Executive Officer of Air Arabia, said: “The addition of the A321neo LR aircraft to Air Arabia’s growing fleet allows us to expand our service to farther and newer destinations while remaining loyal to our low-cost business model. We look forward to receiving the remaining aircraft in 2019 as we continue to offer our customers an excellent product with more destinations to discover.”
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.