MANILA, May 28 -- Gokongwei-led airline Cebu Pacific (CEB) and Saudi Arabian low-cost carrier Flyadeal inked a memorandum of understanding (MOU) on Wednesday to explore strategic cooperation, including wet leasing.

They will also explore cooperation in maintenance and engineering.

The MOU signed in Paranaque City includes Flyadeal utilizing two of CEB's Airbus A320 aircraft on a wet-lease arrangement for the upcoming summer peak season in the Kingdom of Saudi Arabia.

Cebu Pacific is also examining wet-leasing Flyadeal A320s during the busy winter period in Southeast Asia.

"Today's agreement is momentous as it marks Flyadeal's first ever strategic airline partnership. It was clear and obvious that Flyadeal could learn a lot from Cebu P...