Sharjah-headquartered Air Arabia (AIRARABI:DFM), the largest low-cost carrier operator in the Middle East and North Africa, has been named in the World Economic Forum’s Global Growth Companies (GGCs) list for 2014. According to the World Economic Forum (WEF), GGCs are the world’s most dynamic, high-growth companies from around the world. This year’s GGC list includes 28 trailblazers, shapers and innovators from around Europe, Eurasia and the Middle East.
“When choosing entrants to our Community of Global Growth Companies, we assess companies on their business model, annual revenues and growth rates, exclusive leadership and market position,” said WEF Managing Director and Head of the New Champions David Aikman. “Air Arabia is a dynamic group with clear potential to shape the future in its relevant business sectors and so is a perfect for to our GGC community”
Air Arabia’s inaugural flight took off from Sharjah in October 2003 and the airline now serves over 6 million passengers per annum. The airline, which currently flis to 97 destinations, recently announced a record net profit of AED 173 million (US$ 47m) for the second quarter of 2014, an increase of 128 percent on the same period last year. Air Arabia was selected by WEF for exceeding industry standards in revenue growth, promoting innovative business practices and leadership in corporate citizenship.
Five other companies from the Middle East made the GGC 2014 list: Al Baraka Banking Group from Bahrain; Saudi German Hospitals and National Technology Group from Saudi Arabia; Dubai-based Bayt.com Inc. in the UAE; and Abu Dhabi-headquartered Al Hilal Bank.
Air Arabia was recently voted amongst the 10 most profitable Low Cost Carriers (LCC) in the world by Airline Business and is listed on the Dubai Financial Market under the symbol AIRARABI.
Source: Air Arabia, WEF