As far as I know we get the contract after stage 3. Stage 4 is when your are earning a lower salary but you still hold the position of First Officer. You will earn 5,000 Dhs + free housing+ flying bonuses (about 2k dhs). After you have completed the 500 hours you will get the full salary of 28k dhs + flying bonuses. This is what i have been told but i could be wrongly informed.
Either way you are 99% guaranteed a job. You do not need to be a superb pilot. You just need to meet their minimum requirements. I have heard from a first officer in Air Arabia that the training he is receiving currently is the best in the world. He ha flown with Air France and Lufthansa and considers Air Arabia line training to be much better than them. Good news for us I guess!