Mubasher: The new Jazeera Airways budget has been determined based on oil being at $70 per barrel (pb), chairman Marwan Marzouk Jaseem Boodai has said.

Speaking on the sidelines of the World Economic Forum (WEF) in Davos, Switzerland, Boodai told CNBC Arabia that the rise in oil prices will reflect positively on airlines particularly in terms of stability in ticket prices.

There will be fewer speculations when oil prices rise, the top official added.

Jazeera Airways has spent around KWD 14 million ($46.65 million) to build its private passenger terminal at the Kuwait International Airport, Boodai further revealed, highlighting that the new building will be state-of-the-art and is scheduled for delivery within two months.

The Kuwaiti airline has also entered the Indian market where it announced new destinations, the chairman added.

Boodai forecast that Jazeera Airways’ results for 2017 will be better than those from 2016, adding that he was optimistic for 2018 and the business segment in general in the New Year.

Jazeera Airways last reported a 35.6% year-on-year rise in profits to KWD 8.2 million ($27.15 million) in the third quarter of 2017.

By 12 pm Kuwait time, Jazeera Airways' stock fell on Boursa Kuwait by 1.38% to 645 fils.