A deal to buy 13 airplanes has been signed between Saudi Arabian lessor AviLease and Avolon. Seven Airbus A320neos, two A330neos, one Boeing 737 MAX 8, and other aircraft are part of the lessor-to-lessor agreement. In an effort to reinvent itself as a major hub for international travel and aviation, Saudi Arabia founded AviLease last year.
Expanding the portfolio
While AviLease is a newbie to the market, Avolon is one of the biggest aircraft owners in the world. According to The National News, the company, which will begin operations in July 2022, established a goal of owning 300 aircraft by the end of the 2020s. The quickest method to do this is to buy planes from existing owners.
The current deal with Avolon emphasizes this. 13 of the newest widebody and narrowbody aircraft on the market will be picked up by the Saudi firm for its clients. The 737 MAX and A330neo are expected to gain popularity over the next few years, while the A320neo, which is a powerhouse in Saudi aviation, will be a huge asset for the lessor.
In a statement, Fahad Al-Saif, AviLease Chairman, 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."
Avolon CEO Andy Cronin added,
"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.”
