Kuwaiti carrier Jazeera Airways said it has fully acquired Sahab Aircraft Leasing, a leasing firm launched in 2008 for KD25.6 million ($88.77 million).
'The acquisition gives Jazeera Airways a platform to pursue strategic vertical integration initiatives lined up for 2010 and 2011 that include an airline acquisition and access to global leasing markets', Jazeera said in a statement on Monday.
In January, the firm's Chief Executive told Reuters that it was eyeing acquisitions in firms and airlines in the Middle East.
"Sahab will have a minimum fleet of 38 Airbus A320s by 2016 based on confirmed orders with the manufacturer,' the statement said. It currently has a fleet of nine Airbus A320s.
Jazeera, which competes with UAE-based carriers Air Arabia and flydubai, has a firm order for 29 Airbus A320 aircraft and currently operates 11 planes across the Middle East and Egypt.