Air Arabia may lease aircraft to expand capacity in Europe and North Africa instead of buying new planes, Reuters reported quoting Chief Executive Adel Ali.

The low-cost carrier had ordered 44 Airbus A320s in 2007, and 29 of those were delivered in November 2014, according to Airbus data.

Air Arabia earlier announced purchasing 49% of Jordan's Petra Airlines, which will be rebranded as ‘Air Arabia Jordan’.

The company will take delivery of six A320s in 2015, and it also leases another eight of the same type of aircraft.

However, those orders had not factored in the Jordan purchase, the Chief Executive added.

EFG-Hermes set the stock fair value at AED 1.95, recommending ‘Buy’.

Photo Credit: Arabianeye-Reuters