(Bloomberg) -- Jazeera Airways's board approved a deal to purchase of 28 narrow-body planes from Airbus SE as the Kuwaiti carrier's expands its network to include long-haul routes.
The value of the agreement is $3.4 billion and comprises 20 A320neos and eight A321neos, according to a statement. The companies had signed the pact at the Dubai Airshow in November.
Jazeera, whose board also approved an agreement to buy two CFM spare engines in a $32.2 million deal, said deliveries of the Airbus aircraft will be determined at a later stage. The carrier already operates an all-Airbus fleet of original-generation A320s and eight A320neos.
The airline, which laid off about 500 employees in 2020, is in recovery mode after the coronavirus pandemic grounded flights, rehiring staff who want to rejoin. Jazeera's third-quarter earnings wiped out first-half losses, while cash reserves are at an all-time high.
The shares have jumped 15% this year, extending its 2021 gains of 80%.
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