Arajet, operating in the Dominican Republic, will add 20 Boeing 737 MAX 8 aircraft to its fleet.
In addition, the new ultra-low-cost carrier has options to buy an additional 15 Boeing 737 MAXs, which “could bring the airline’s new fuel-efficient fleet to 40 airplanes” if “existing lease agreements are met.”
“The efficient Boeing 737 MAX, together with financial and operational support from our partners at Griffin and Bain Capital, gives us the solid foundation necessary to provide flights at affordable prices to travelers in the region,” Victor Pacheco, founder and CEO of Arajet, announced in a statement.
Griffin Global Asset Management leased the airline’s first Boeing 737 MAX 8, registration HI1026, which arrived in early March 2022.
Arajet is slated to begin service from Las Americas International Airport (SDQ) in spring 2022, with flights to the Caribbean islands and Central America. Flights to major North American cities such as New York, Boston, Miami, and Chicago will soon be added.
“The Dominican Republican and the wider Caribbean region are underserved by low-cost airlines and passengers deserve a more affordable way to travel in our market. We believe Arajet is well-positioned to transform the Santo Domingo Airport into a modern, new hub for destination and connecting traffic,” Pacheco announced in a press release dated March 14, 2022.
Victor Pacheco and Mike Powell, the former chief financial officer of Wizz Air, will lead the airline. Aviation investors Bain Capital Special Situations and Griffin Global Asset Management have invested in Arajet. The Dominican government and Vinci Airports also support the airline.
The airline claims to be the first in the Caribbean to use a ULCC business model.