AviLease, the rapidly expanding global aircraft lessor fully owned by PIF, has announced the acquisition of 13 aircraft from international aircraft leasing company Avolon.
The transaction sees AviLease purchase both narrow and wide-body aircraft, including seven Airbus A320neos, two A330neos and a Boeing 737 MAX 8, some of the most in demand and fuel-efficient aircraft types, and attractive target assets that will contribute to the growth and development of AviLease.
Mr Fahad Al-Saif, AviLease Chairman said: “AviLease embarked last year on its journey with ambitious aspirations to be a leading institution across the aviation leasing value chain, by establishing a diverse fleet of modern aircraft manufactured by leading global companies.
“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.
“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.”
AviLease Chief Executive Officer, Mr Edward O’Byrne said: “This is a logical strategic next step for us.
“This transaction demonstrates AviLease’s international expansion and its ability to originate both in the primary and the secondary trading market.
“With this acquisition, our aircraft portfolio will reach 45 aircraft on lease to airlines globally.
“The lessee credit composition of the purchased portfolio is second to none and further diversifies our aircraft portfolio and lessee customers.
“This transaction also creates strong new relationships with partner airlines and opens an avenue for future transactions.
“We are thankful to Avolon’s team to become a partner early in our journey”.
Avolon Chief Executive Officer, Mr Andy Cronin said: “Trading aircraft is an important and consistent part of our growth strategy and we are pleased to be working with AviLease as a key partner.
“We continue to see strong demand globally as lessors and airlines seek to source supply against the backdrop of an ongoing shortage of new aircraft deliveries.”