» Ministry of Finance Takes 5% Stake in
    Air Arabia IPO

Dubai - United Arab Emirates, 21 March 2007: SHUAA Capital announced today that the UAE Ministry of Finance and Industry has subscribed to 5 per cent of the shares offered in Air Arabia ’s IPO, the maximum allowed to it under the law.

The move, which comes in accordance with the Council of Ministers’ resolution number 8 of 2006, was welcomed by both Air Arabia and SHUAA Capital, who saw it as an expression of confidence on the part of the Ministry in the offering, and the company. In addition, the fact that the Ministry’s investment came early, on the fourth day of subscription, is a confirmation of the bullish demand for the offering.

The Ministry of Finance will be allocated the full percentage prior to the allocation of shares among subscribers. The 5 per cent of shares subscribed to by the Ministry will be deducted from the 2,116,700,000 shares of the second tranche.

SHUAA Capital is the Lead Manager, Financial Advisor and Bookrunner for the Air Arabia IPO.