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Kuwait's private low-fare airline Jazeera Airways announce to double its capital to 70 million U.S dollars, local media reported on Sunday.
The Airways' Chairman and Chief Executive Officer Marwan Boodai said on Sunday the capital increase will be executed by selling 100 million new shares to current shareholders before the end of the year.
"The increase is necessary to fund continuous growth of the airline... and to finance the purchase of new aircraft," he added.
With an initial capital of 34 million dollars, Jazeera Airways currently has four Airbus A320s and has ordered six more due to be delivered by 2010.
The airline, which made its maiden commercial flight a year ago, is now operating to 13 destinations in India, Iran, Egypt, Jordan, Syria, in addition to Lebanon, Bahrain and Dubai.
Jezeera Airways was founded in May 2004 by Boodai Group, a leading Kuwaiti business group which has investments in the media, transport and aviation sectors.
(Xinhua News Agency October 9, 2006)
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