Fourteen Arab air carriers and five financial...

Fourteen Arab air carriers and five financial institutions have agreed to form a consortium to purchase up to 220 new planes, said Ahmed Mishari, chairman of the Kuwait Airways Corp. Mishari said studies by the consortium show a need for the aircraft by the year 1995. Mishari, who also chairs the project’s steering committee, said the consortium will be named the Arab Aviation Finance Company and will be formally inaugurated in 1989. In addition to Mishari, steering committee members include the chairmen of the national airlines of Jordan and Morocco, the secretary-general of the Arab Air Carriers Organization and representatives of five banking establishments.