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The profits of Air Arabia of the United Arab Emirates (UAE) are expected to rise by 123 percent to 226 million dirhams (US$61.58 million) in 2007, compared to 101 million dirhams (US$27.52 million) in 2006, local newspaper Gulf News reported on Thursday.

 

The rapid growth of the Sharjah-based Air Arabia will come from operating new routes and interest income earned through its initial public offering (IPO) to be launched on March 18 on Dubai Financial Market, said a research by Shuaa Capital, the underwriter for the company's IPO.

 

Air Arabia, the first low-cost airline in the Middle East and North Africa region, will attempt to raise 2.56 billion dirhams (US$697.55 million) through the IPO, which will be the largest offering ever launched in the UAE.

 

The airline will use the funds raised in the IPO to implement its ambitious expansion plan, including adding 34 aircraft to its current fleet of nine A320s, said the paper.

 

The market for low-cost airlines was heavily under-penetrated in the Middle East, which has left plenty of room for Air Arabia to prosper, the report quoted an aviation analyst at Shuaa as saying.

 

Airbus predicts Middle East passenger traffic to grow at an annual rate of 7.1 percent through 2015, compared to a global average of 5.3 percent.

 

Launched in October 2003 and modeled after leading American and European low-cost airlines, Air Arabia became profitable in 2005. It currently operates services to 34 destinations in the Middle East, Africa, and Asia.

 

(Xinhua News Agency March 16, 2007)