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Wednesday, June 19, 2024

Saudi Arabian PIF firm buys 13 aircraft including Airbus and Boeing jets

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By purchasing 13 more planes, Saudi Arabian lessor AviLease has expanded its fleet.

The firm, which debuted in 2022, claims that the order from Avolon includes both narrow- and wide-body aircraft. It includes seven Airbus A320neos, two A330neos, and a Boeing 737 MAX 8.

In a statement, AviLease noted that this accomplishment “not only strengthens and diversifies our portfolio but also fuels AviLease’s rapid expansion.”

The Saudi Public Investment Fund (PIF), the only owner of AviLease, currently has a fleet of 45 aircraft, but by the end of the 2020s, it hopes to have 300.

The business entered into its first lease arrangement in July 2022, providing 12 brand-new Airbus A320neo aircraft to low-cost Saudi airline Flynas.

Additionally, AviLease has agreements with Saudi Arabia’s newest airline, Riyadh Air, and SAUDIA.

“AviLease embarked on its journey last year with ambitious aspirations to become a leading institution across the aviation leasing value chain, by establishing a diverse fleet of modern aircraft manufactured by leading global companies,” Fahad Al-Saif, AviLease chairman said. “The deal with the global leasing company, Avolon, is a true testament to our strength and unwavering purpose and will provide us with further opportunities for direct expansion.”

Al-Saif added: “At AviLease, we aim to contribute to the development of the aviation ecosystem in the Kingdom and enhance the financial sustainability of the sector, in line with the strategy of the Public Investment Fund, which focuses on unlocking the potential of promising sectors and enhancing their global competitiveness to achieve the goals of Saudi Vision 2030.”

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