This strategic transaction between AviLease and Avolon includes a mix of narrow and wide-body aircraft, comprising seven Airbus A320neos, two A330neos, and a Boeing 737 MAX 8.
AviLease, the rapidly expanding global aircraft lessor fully owned by PIF, has made an exciting announcement regarding its latest acquisition. The company has successfully acquired 13 aircraft from Avolon, an international aircraft leasing company. This strategic transaction includes a mix of narrow and wide-body aircraft, comprising seven Airbus A320neos, two A330neos, and a Boeing 737 MAX 8. These aircraft types are highly sought after due to their fuel efficiency and demand in the market, making them attractive assets for AviLease’s growth and development.
Fahad Al-Saif, Chairman, AviLease 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.”
The acquisition of these 13 aircraft represents a significant milestone for AviLease. With a diverse and modern fleet, manufactured by renowned global companies, AviLease is positioning itself as a leading player in the aviation leasing industry. The company’s strategic partnership with Avolon further strengthens its expansion plans and provides opportunities for future growth and collaboration.
Mr Edward O’Byrne, Chief Executive Officer, AviLease 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.”
Additionally, AviLease’s commitment to the development of the aviation ecosystem in Saudi Arabia aligns with the goals of the Public Investment Fund and Saudi Vision 2030, aiming to enhance the sector’s financial sustainability and global competitiveness.
Andy Cronin, Chief Executive Officer, Avolon 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.”
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As AviLease continues to make strides in its journey, this acquisition marks a major step forward. The company’s dedication to excellence, coupled with its growing aircraft portfolio and strong partnerships, positions AviLease as a key player in the global aviation leasing market. The demand for aircraft leasing remains robust, and AviLease is well-positioned to capitalize on the opportunities it presents.
