Abu Dhabi-based private charter airline Royal Jet secured a $116.8 million loan from Union National Bank to finance the purchase of two Boeing aircraft, the lender said on Thursday.

The two Boeing 737-700 BBJ aircraft are due for delivery in September and December, the bank said in a statement.

The purchases are part of Royal Jet's plan to expand its fleet to 20 aircraft by 2020, the statement added. – Reuters