Boodai Buys 16.65% Stake in Jazeera Airways for $209m

Boursa Kuwait has confirmed that regulatory approval has been granted for Boodai Reliance Real Estate to acquire a significant minority stake in Jazeera Airways, marking one of the most notable aviation-related equity transactions in Kuwait in recent years. The deal allows Boodai Reliance Real Estate to purchase a 16.65% holding in Jazeera Airways for KWD64.1 million, equivalent to approximately USD209.2 million.

According to a disclosure filed with Boursa Kuwait, the transaction covers the acquisition of 36,639,089 shares at a price of KWD1.75 per share. The purchase received clearance from the Capital Markets Authority, satisfying the regulatory conditions required for completion. The deal was initially announced on January 19 and was explicitly subject to regulatory approval, which has now been granted.

Boodai Reliance Real Estate operates as the investment arm of Boodai Corporation, a diversified Kuwaiti business group with interests spanning real estate, technology, logistics, and consumer sectors. The acquisition reflects a strategic move to gain exposure to the aviation sector through a well-established regional carrier, while also reinforcing Boodai Corporation’s broader investment portfolio.

Jazeera Airways, listed on Boursa Kuwait under the ticker JAZEERA, is one of the Middle East’s earliest low-cost carriers. The airline operates a point-to-point network connecting Kuwait with destinations across the Middle East, South Asia, Central Asia, and Europe. Over recent years, Jazeera has focused on disciplined fleet growth, cost control, and network optimisation, positioning itself as a resilient player in a highly competitive regional aviation market.

The entry of Boodai Reliance Real Estate as a substantial shareholder may be viewed as a vote of confidence in Jazeera Airways’ long-term strategy and financial outlook. While the transaction does not imply a change in operational control, it strengthens the airline’s shareholder base and could support future strategic initiatives, including fleet expansion, network development, or ancillary business growth.

The acquisition comes at a time when regional airlines are navigating a complex environment shaped by capacity growth, shifting travel demand, and rising operating costs. Strategic investments by local institutional and corporate investors continue to play an important role in supporting airline balance sheets and reinforcing market confidence.

With regulatory approval secured, the transaction is expected to be reflected in updated shareholder disclosures, further cementing Boodai Reliance Real Estate’s position as a key investor in Kuwait’s aviation sector.

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Sources: AirGuide Business airguide.info, bing.com, ch-aviation.com