SAUDIA Group, the aviation holding company that owns SAUDIA and flyadeal, has signed a sale and leaseback agreement with AviLease company (owned by Public Investment Fund) that is specialized in aircraft financing and leasing. The agreement will see AviLease deliver 20 Airbus A320neo aircraft to be operated on long-term leases by flyadeal, SAUDIA Group’s low-cost carrier (LCC).
Commenting on the deal, His Excellency Eng. Ibrahim Al-Omar, Director General of SAUDIA, said: “This sale and leaseback agreement with AviLease is an important deal for both companies, and an important step towards the realization of the Saudi Aviation Strategy.. In the few months since it was launched, AviLease has already established itself as a key enabler of the Kingdom’s aviation sector development. SAUDIA Group is proud to partner with them as we strive to achieve our shared national aviation and sustainable tourism goals.”
AviLease Chairman, Mr. Fahad Al-Saif, said: “We are pleased to sign this agreement with SAUDIA Group, owner of the Kingdom’s national carrier. Our partnership further cements AviLease’s strong portfolio within Saudi Arabia by delivering next-generation aircraft solutions to locally based operators from the world's leading manufacturers. In addition to contributing to the development of the aviation sector in Saudi Arabia, in line with the objectives of the Kingdom's Vision 2030. “
Edward O’Byrne, CEO of AviLease said, “AviLease is delighted with this latest development in what has already been a successful opening chapter for our company. We are proud to have SAUDIA Group as a partner, further demonstrating our commitment to the Kingdom, as well as the sector at large. This deal significantly boosts our fast-growing portfolio of cutting-edge, fuel-efficient aircraft, on long-term leases with quality airlines.”
The agreement will take AviLease’s portfolio to 32 aircraft. The new aircraft will join flyadeal’s existing all-Airbus fleet—comprising 20 Airbus A320 aircraft—and operate across its domestic and international network. The SAUDIA Group is distinguished by having the latest and most sustainable aircraft fleets in the world.
The deal between AviLease and flyadeal effectively supports Saudi Arabia’s growing aviation sector in line with the Saudi Aviation Strategy.