(MENAFN- Arab Times) The growth opportunity for coming years will be driven by the growth of the domestic demand, Jazeera Airways Group Chairman of the Board, Marwan Boodai said Thursday. The Chairman of the group said the airline "will continue to invest in the business to capitalize on this growth." Boodai made his remarks during the annual shareholders general meeting here, noting that their "on-ground investments and fleet modernization program will reinforce and even enhance Jazeera Airways as the preferred airline for regional travel. "We believe that the growth opportunities are at home, and we are well-positioned to take advantage of them in 2014 and beyond," Boodai added. Among such indications of growth are current Kuwait's Gross Domestic Product (GDP) numbers, which puts Kuwait at 8th place globally based on rankings from the International Monetary Fund (IMF)
Kuwait also have a huge youth population, almost half of the population are under 25 yrs and are gradually being enrolled in the work market. Following on the double digit growth in the previous years, in 2013 Jazeera Airways Group registered a 19.6 percent increase in the net profit, making 2013 the company's best performing year on record despite the political unrest in the region and the volatility of fuel prices. Boodai, said "the year 2013 was an eventful year, in addition to sustaining good results for three years in a row, we were able to secure our funding for three aircraft, essentially closing our lending requirements for two years, we were able to reduce the Group's debt to equity ratio from 1.7 in 2012 to 1.4 in 2013, and close the year with the best performance in the Group's history." During the general meeting, shareholders approved all proposals, including the issuance of a 15 fils cash dividend per share. On-ground, Jazeera Airways is currently building its own gates and state-of-the-art bridges at Kuwait International Airport
Once operational in the second quarter of 2014, these gates will enable Jazeera Airways to offer an even better and more efficient customer experience. In the air, Jazeera Airways Group is embarking on a fleet modernization program. Jazeera Airways had a 5 percent increase in 2013's flown passengers on the Kuwait-Dubai route in comparison to 2012, and the airline grabbed a 14 percent market share on the route. In October 2013, the airline launched flights to the new Al-Maktoum International Airport at Dubai World Central, increasing weekly flights serving both Dubai airports to an average of 27 flights a week
Jazeera Airways was the leading airline serving the popular route between Kuwait and Amman last year with a 41 percent market share, and a 20 percent increase in flown passengers in comparison to 2012
Despite year-long instabilities in Beirut, the airline saw a 16 percent increase in flown passengers between Kuwait and Beirut from 2012. Jazeera Airways grabbed a high 40 percent market share on the route
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