Founder of Jazeera Airways ups stake to back expansion

The founding shareholder of Jazeera Airways has increased its stake in the Kuwaiti low-cost carrier to support its growth plan.

The stake was purchased for KD64 million ($208 million) after it was backed by the airline’s board following Boodai Reliance Real Estate’s voluntary acquisition offer in November.

Boodai, which is jointly owned by Marwan and Jassim Boodai, acquired an additional 16.65 percent stake in Jazeera Airways by purchasing 36.64 million shares at an offer price of KD1.75 per share. 

This increases Boodai’s total ownership in the airline to 72.26 percent, Kuwait Financial Centre (Markaz), the stake acquisition manager, said in a statement.

Mishaal Al-Usaimi, group CEO of Boodai Corp, said that the share acquisition is a significant step in consolidating its long-term investment in Jazeera Airways. 

In the offer document, Jazeera Airways said its order book includes up to 28 new Airbus A320neo and A321neo aircraft, two of which have already been delivered. The remaining aircraft are scheduled to begin joining the fleet from 2027, effectively doubling its current fleet size to 40 by 2030. 

This fleet expansion grants the company the necessary flexibility to launch new medium- and long-haul routes across Europe, Africa and South and Central Asia the document said.

This month, Jazeera Airways said net profit rose 114 percent from 2024 to KD21.8 million, as operating revenue increased 5 percent to KD218 million.

Passenger traffic went beyond 5 million, up 2.2 percent, with a load factor of 78 percent. In addition, passenger traffic exceeded 5 million, up 2.2 percent, with a load factor of 78 percent.

Shares of the airline, which trade on Boursa Kuwait, were up more than 3 percent at KD1.7 on Sunday.

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