Betting on Amman's hub status: Air Arabia buys 49% stake in Jordan's Petra airlines

Air Arabia, a leading low-cost carrier, has bought a 49 per cent stake in Jordan's Petra Airlines, the UAE-based carrier said on Monday. Petra Airlines will be rebranded as Air Arabia Jordan and the UAE carrier will establish a hub at Amman's Queen Alia International Airport, with operations to commence under the new name in the first quarter, according to a statement to Dubai's bourse. Petra Airlines' main shareholder, RUM Group, will maintain a 51 per cent stake in the airline.