“By the end of 2011, Jazeera Airways would have completed its turnaround and covered all its losses,” Marwan Boodai told the Reuters Middle East Investment Summit in Kuwait.
The airline reported a full-year net loss of 2.8 million dinars in 2010, compared with a loss of 8.2 million dinars in 2009.
The carrier does not plan another capital hike in the next three years, Boodai said, adding that Jazeera had scrapped plans to set up its own terminal.
Jazeera obtained shareholders’ approval last year to hike its capital by 20 million dinars ($72.5 million) to 42 million dinars and the firm is currently working on the procedures for the hike, Boodai said.
The carrier, which aims to fly 82 routes in the Middle East within the next five years, competes with UAE-based Air Arabia and Dubai-based low-cost carrier flydubai.
Boodai said that Jazeera had ditched “small” markets like Doha, Abu Dhabi and Muscat, citing “flooding” by those countries’ national carriers.
