RIYADH: Saudi Arabia’s Public Investment Fund has launched an aircraft leasing company named AviLease, according to a statement. PIF said AviLease will initially focus on scaling through purchase-and-lease-back transactions with airlines, portfolio acquisitions and direct orders from aircraft manufacturers. PIF added that AviLease will also look into expansions through corporate acquisitions. AviLease’s fleet will consist of narrow-body and wide-body aircraft developed by the world’s leading manufacturers. “As a PIF fully owned company, PIF’s ample liquidity and strong balance sheet, combined with its depth of financing and investment-structuring expertise will help the company leverage the opportunity in the aircraft leasing market,” according to PIF. In the statement, PIF revealed that its assets under management had reached approximately $620 billion.