Maximus Air Cargo, Abu Dhabi Aviation's cargo arm, said on Wednesday it is investing $350 million to buy three Airbus A300-600 jets and convert them into freighters as it expands its operations.   

The freighters were purchased from Japan Airlines and will be added to its fleet in the second half of this year, Maximus chief executive Fathi Hilal Buhazza told reporters.   

The new freighters will take the fleet size to 11, he said. Of the current fleet of eight aircraft, six are on charter and two are on aircraft, crew, maintenance and insurance contracts.   

"The first six months of last year was worrying to cargo operators due to the recession, but in the last six months business came back and it is coming back very fast," Buhazza said.   

Despite the impact of the slowdown, Maximus saw turnover growing to 430 million dirhams ($117.1 million) in 2010, up 16 percent over the previous year, he said.  

Maximus, set up in 2005, flies to various destinations in the Middle East, Far East, Europe and Africa. "We plan to not only fly to new destinations in the regions we operate but also increase frequencies to some destinations," he said.

Abu Dhabi Aviation is 30-percent owned by the emirate's government while the rest is floated on the stock exchange. - Reuters