Speaking at an aviation conference in Dubai on Monday, Ali said that the airline plans to order approximately 115 or 120 aircraft, Arabian Business reported.
Both Airbus A220 aircraft and Boeing 737 Max aircraft are being considered.
Ali added that the carrier has been experiencing slow deliveries, with only two of five aircraft it was supposed to receive being delivered.
In August, the airline received its second Airbus A321neo Long Range (LR), which it says will allow it to expand its network of medium haul destinations and strengthen existing routes.
Air Arabia is the first airline in the Middle East to operate the A321neo LR.
The airline currently operates 53 Airbus A320s and serves more than 170 from its four main hubs in Sharjah, Ras Al Khaimah, Morocco and Egypt.