Air Arabia (AIRA.DU) confirmed that it will exercise the option to buy five additional new Airbus A320 jets that were part of the aircraft deal sealed in 2007 for 44 planes with the option for five more. The additional aircraft, valued at USD485mn at list prices, will be delivered in 2017 starting 2Q. Our numbers incorporate five planes (gross) to be received from the order book in 2017. (Mubasher, Hatem Alaa) Air Arabia (DU): AED1.27 as of 23 Nov 2016, Rating: Buy, FV: AED1.60/share, MCap: USD1,615mn, AIRARABI UH / AIRA.DU
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