Saudi Arabia’s Public Investment Fund launches aircraft leasing company
Saudi Arabia’s Public Investment Fund has launched an aircraft leasing company, AviLease, as the kingdom accelerates its efforts to diversify the economy and boost non-oil economic growth.
The new company aims to be a “leading institution across the aviation leasing value chain”, maintaining a portfolio of assets with its core focus on leasing, trading and asset management services, PIF said in a statement on Thursday.
AviLease will initially focus on scaling through purchase-and-lease-back transactions with airlines, portfolio acquisitions and direct orders from aircraft manufacturers.
It will also look into expansions through corporate acquisitions. The company’s fleet will consist of new generation narrow-body and wide-body aircraft from the “world’s leading manufacturers”, PIF said, without providing any further details.
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