Saudi flag carrier to get new planes on lease through AviLease

AviLease owned by Public Investment Fund of Saudi Arabia has signed a sale and leaseback agreement with national carrier Saudia.

Under the agreement, AviLeas
e will deliver 20 Airbus A320neo aircraft to Saudia that will be operated on long-term leases.

“This sale and leaseback agreement with AviLease is an important deal for both companies, and an important step towards the realisation of the Saudi Aviation Strategy,” Ibrahim Al-Omar, Saudia’s director general, said. 

The country's Saudi Aviation Strategy calls for tripling annual passenger traffic to 330 million by 2030, boosting the number of destinations to 250 from 99 at present and establishing a new flag carrier. 

This strategy is backed by $100 billion in investments from the government and private sector. 

Founded in June, Riyadh-based AviLease is an aviation financing and leasing firm investing in the latest generation aircraft through purchase and leaseback transactions, secondary portfolio and direct orders from aircraft manufacturers. 

The latest agreement will take AviLease’s portfolio to 32 aircraft. 

“Our partnership further cements AviLease’s strong portfolio within Saudi Arabia by delivering next-generation aircraft solutions to locally-based operators from the world's leading manufacturers,” AviLease's chairman Fahad Al-Saif said.

Source: https://www.thenationalnews.com/