Saudi Arabia PIF-Backed AviLease Aims to Double Fleet After StanChart Deal - Bloomberg
Saudi Arabian jet lessor AviLease is seeking to double its fleet by 2030, supported by its owner, the kingdom’s wealth fund, which plans to pump in billions of dollars of capital over the next few years.
The firm will manage 167 jets following the acquisition of Standard Chartered Plc’s aviation finance business this week and wants to grow that to 300 over the next seven years, Chief Executive Officer Ted O’Byrne said in an interview with Bloomberg TV on Wednesday.
“The degree of growth that we are expecting in Saudi Arabia over the next 10 years is quite exceptional,” he said.
“We’re talking about tripling passenger traffic, more than doubling cargo traffic. So in that context the PIF has committed additional equity to the balance sheet,” he said, referring to the Public Investment Fund.
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