The share of Jazeera Airways, a Kuwaiti airline, has been upgraded to the “Premier Market” of Boursa Kuwait, the national stock exchange of the country, after achieving the minimum requirements for liquidity and market cap in the past two years.
Jazeera, the only listed company to receive an upgrade, has also launched an ambitious growth plan to increase its fleet from 17 aircraft to over 35 by 2025 to support its network expansion.
In 2021, the airline had secured a $3.3 billion worth agreement with Airbus for 28 new aircraft, twenty A320neos and eight A321neos.
In 2020, Jazeera’s liquidity exceeded the minimum threshold of $715 thousand by Boursa Kuwait, reaching $780 thousand. In 2021, the company’s liquidity reached $1.33 million, exceeding the $931 thousand benchmark set by Boursa Kuwait for the year.
“We are very pleased to see Jazeera Airways listed among the largest Kuwaiti companies at Boursa Kuwait. As the only company at Boursa Kuwait to offer investors access to the growing travel and aviation sectors, the upgrade confirms the success of the company’s strategy and business model which positively contributes to the local economy.“
Jazeera’s market capitalization stood at $521 million in 2020, twice the minimum requirement of $258 million for companies listed on the Premier Market at Boursa Kuwait. In 2021, the company’s market capitalization jumped to $940 million, over four times the minimum requirement set by Boursa Kuwait.
Mr. Boodai added that “Jazeera’s continued growth is without a doubt attributed to its team of experienced professionals who have been successful at overcoming regional and global challenges over the past years. As we continue to move forward, the Board and Executive Management remain focused on creating value-added investment opportunities that attract local and foreign investors.“
Recently, the airline launched its operations at the VIV Terminal, the first private terminal experience in Kuwait offering privacy and exclusivity in a luxury setting when departing and arriving, at Kuwait International Airport.