Aviation

PIF-backed AviLease delivers first two of 12 Airbus A320neos to flynas

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AviLease, the rapidly expanding, PIF-backed global aviation lessor, has successfully delivered the first two of its 12 Airbus A320neos on lease to Saudi carrier flynas, the leading low-cost airline in the Middle East. The milestone delivery is the first in the company’s history, following its launch in July this year. Flynas is expected to receive the remaining aircraft by the end of 2023.

The swift delivery speaks to the rapid expansion of the Saudi Arabia aviation sector, which will witness the region’s fastest passenger traffic growth through to 2040.

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AviLease, which has a mandate of supplying sustainable, efficient leasing and financing services to airlines, is already playing a major role in that expansion, and will continue contributing to the domestic sector at pace and scale.

The Airbus A320neo is one of the most fuel-efficient, sustainable, and technologically advanced narrow-body aircraft on the market. This first delivery sets the tempo for AviLease, which is seeking to build a diverse portfolio of the most advanced, latest-generation narrow- and wide-body aircraft available.

Edward O'Byrne, Chief Executive Officer, AviLease, said, “Today marks a significant moment in our story, and speaks to the operational pace and excellence we have set for ourselves at AviLease. From day one, we have focused on getting down to business, and these two deliveries, within four months of beginning operations, are testament to that. But this is just the start, as we look to support the burgeoning local aviation sector and drive sustainable value.”

Bander Almohanna, Chief Executive Officer and Managing Director, flynas, said, “As one of the leading low-cost carriers in the region, we only seek partnerships that can significantly enhance our services. Our agreement with AviLease is designed to support our continued, sustainable growth plans through a modern and efficient fleet, equipping us for the foreseeable future. There is more to come from all players in this industry and we are proud to be a part of it.”

AviLease underlines PIF's mandate of unlocking the capabilities of priority sectors that can support the diversification of Saudi Arabia's economy and contribute to GDP growth. In addition, the company will be supporting a thriving aviation sector and driving financial sustainability within the aviation ecosystem, in line with Vision 2030.

AviLease will continue to drive local economic opportunities and create direct and indirect jobs for the community in the aviation and financial sectors.

Read more: Flynas launches direct flights to four new destinations

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