Sharjah International Airport is the main base of Air Arabia, the Middle East's largest low-cost carrier. It was the Middle East's first budget airline when launched by the Ruler of Sharjah in 2003. The number of passengers flying to its near 70 destinations grew six percent in 2011 to 4.7 million. Net profit for 2011 was AED274m (US$74.6m), down 13 percent on the previous year. The airline, which also has hubs in Egypt (Borg El Arab Airport, Alexandria) and Morocco (Mohammed V International Airport, Casablanca), delayed plans to establish a fourth hub in Jordan in 2012.