The board of directors at the Sharjah-based airline made the announcement following its annual general meeting (AGM) on 23 March. The assembly also approved the company’s accounts for the financial year ending 31 December 2008.

Air Arabia recently announced a 35 per cent increase in annual profits to $140m (MEED 15:2:09).

Listed on the Dubai Financial Market, Air Arabia’s current share capital is worth AED109.8m. The carrier’s stock recorded the highest percentage gain in value for the day on the bourse. The airline’s share price closed up 5.15 per cent at AED1.02, an increase of AED0.05.