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Vision 2030

Saudi PIF launches aircraft leasing company ‘AviLease’ to support local ecosystem

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Saudi Arabia’s sovereign wealth fund PIF announced the launch of an aircraft leasing company on Thursday.

Termed ‘AviLease,’ the company will become a “core element” of the Kingdom’s expanding aviation ecosystem, the PIF statement said.

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It added that the company will “scale through purchase-and-lease-back transactions, secondary portfolio acquisitions, direct orders from aircraft manufacturers, and corporate acquisitions.”

The company’s fleet will reportedly consist of the new generation of narrow-body and wide-body aircraft from the world’s leading manufacturers.

These are expected to contribute to the reduction of value leakage for Saudi Arabia, while enhancing integration into the global aircraft financing market.

At of the end of Q1 2022, PIF’s AuM reached nearly $620 billion, with the establishment of 54 companies and the creation of more than 500,000 direct and indirect jobs.

The new company will also help diversify the Saudi economy, it claimed, by contributing to the non-oil GDP growth. This is in line with supporting the local aviation industry in a financially sustainable manner aligned with Vision 2030.

Early in June, Saudi Arabia’s wealth fund made its second $1 billion foray into the Swedish gaming industry this year as part of a drive to build stakes in video game makers and e-sports firms globally.

The Public Investment Fund’s Savvy Gaming Group will become the second largest owner in Embracer Group AB after acquiring almost 100 million shares in the Karlstad-based company.

The move follows a similarly sized acquisition in January, when Savvy bought the esports division of Modern Times Group at an enterprise value of $1.05 billion.

The PIF, as the $500 billion fund is known, continues to deepen its push into a gaming sector that continues to consolidate. Last month, the fund took a 5.01 percent stake in Nintendo Co., marking its third investment in a Japanese games company.

With Bloomberg

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