Air Arabia BoD proposes 10 per cent cash dividend
Following a meeting today of the Board of Directors of Air Arabia (PJSC), the Middle East and North Africa’s first and largest low-cost carrier, the company announced that the Board has proposed a cash dividend of 10 per cent for 2009. This proposal is subject to ratification at the company’s upcoming Annual General Meeting, which will be held on March 18, 2010, in Sharjah, UAE.
This announcement follows the recent release of Air Arabia's financial results for the 12 months ending December 31, 2009. For the full year, the carrier demonstrated continued profitability and very high levels of efficiency during an enormously challenging period for airlines worldwide.
Ranked first on the Top Performing Companies chart as the best low-cost carrier globally in a study conducted in 2009 by Aviation Week magazine, Air Arabia currently serves 60 destinations across the world from its hubs in Sharjah and Casablanca. The region's first and largest low-cost carrier has also been named "Low-Cost Carrier of the Year" by a number of leading aviation bodies.
Last year, Air Arabia announced the signing of a joint venture agreement with the Travco Group to launch a new low-cost carrier based in Egypt, serving the Europe, Middle East and Africa markets and representing the carrier's third hub after the UAE and Morocco. Operations at the third hub in Egypt are anticipated to begin in the first half of 2010.