Airbus secures 120 plane order from Air Arabia

Air Arabia has signed a firm order for 120 Airbus aircraft, the European plane-maker has announced.

The deal, signed on Monday at the Dubai Airshow, consists of 73 A320neos, 27 A321neos and 20 A321XLRs.

In a press statement, Airbus Chief Commercial Officer Christian Scherer said the order was a "great endorsement for the A320neo family which will allow the airline to tap into new markets."

Air Arabia Group CEO Adel Al Ali said the order, worth around $14 billion according to 2018 list prices, would support the low-cost carrier's growth plans.

"This new milestone underpins not only our solid financial fundamentals but also the strength of our multi-hub growth strategy that we have adopted over the years while remaining focused on efficiency, performance and passenger experience," Al Ali said in a statement.

"The addition of the A320neo, A321neo and A321XLR complements our existing fleet and allows us to expand our service to farther and newer destinations while remaining loyal to our low-cost business model."

Ali told reporters at the Dubai Airshow that the first delivery is expected in 2024, according to Reuters.

The Air Arabia deal was the second received by Airbus on Monday following an order of 50 A350 aircraft by Emirates.

Despite a successful day, Airbus shares traded 0.8% lower on Monday afternoon, but remain up more than 60% for the year-to-date.

U.S. rival Boeing also announced that it has received an order for an additional 10 737 Max 8 aircraft from Turkey's SunExpress, on top of an existing fleet of 32 737 Max 8s.

This marks only the second 737 Max order since the fatal Ethiopian Airlines crash in March which led to the grounding of the jet worldwide.

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