Saudi Arabian lessor AviLease has increased its fleet with the acquisition of 13 additional aircraft.
According to the company, which launched in 2022, the purchase from Avolon includes both narrow and wide-body aircraft, with seven Airbus A320neos, two A330neos, and a Boeing 737 MAX 8 making up part of the order.
“This achievement not only strengthens and diversifies our portfolio but also fuels AviLease’s rapid expansion,” AviLease said in a statement.
AviLease, which is wholly owned by the Saudi Public Investment Fund (PIF), has built up a fleet of 45 aircraft but aims to increase that number to 300 by the end of the 2020s.
In July 2022 the company signed its first leasing agreement, supplying low-cost Saudi airline Flynas with 12 new Airbus A320neo jets.
AviLease has also signed agreements with SAUDIA and Saudi Arabia’s new airline, Riyadh Air.
“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.”