Under the agreement the new company, which is wholly owned by the Saudi Public Investment Fund, will buy 12 A320neo aircraft and lease them to the airline ‘AviLease is launching with ambitious plans … today marks the start of the journey to become a leader in the aircraft-leasing market,’ said Chairperson Fahad Al-Saif LONDON: The official launch of AviLease, a newly established aviation financing and leasing company wholly owned by the Saudi Public Investment Fund, took place in the UK on Monday. The company signed its first leasing agreement, with leading low-cost Saudi airline Flynas, during the inaugural event in London, which was timed to coincide with the start of this week’s Farnborough International Airshow. Under the deal, AviLease will purchase 12 new A320neo aircraft, to be delivered in 2022 and 2023, and lease them to the airline. “AviLease is launching with ambitious plans,” said Fahad Al-Saif, the new company’s chairperson. “We are delighted to have our first agreement in place with Flynas. “Today marks the start of the journey to become a leader in the aircraft-leasing market. AviLease is going to have a critical role in enabling the PIF’s aviation-sector strategy in Saudi Arabia, contributing to the Kingdom’s Vision 2030.” Ayed Aljeaid, the chairman of Flynas, said the agreement with AviLease underlines the role and mandate of the PIF in efforts to diversify the Saudi economy and contribute to non-oil-related gross domestic product growth. “We congratulate the PIF on the launch of a new aircraft-leasing company, AviLease, and are pleased to announce the signing of this agreement,” he said. “As a Saudi air carrier and the leading low-cost airline in the Middle East, we see great opportunities for expansion, supported by the strategic location of Saudi Arabia and the prospects opened up by Vision 2030 for the air-transport sector.” AviLease CEO Edward O’Byrne said: “Our company has global ambition and the robust financial backing of the PIF. We are ready to capitalize on the strong and growing Saudi market, to scale rapidly and become a leading aviation lessor. “Our plan is to invest in the most technologically advanced aircraft, to enable airlines to operate the most fuel-efficient and environment-friendly fleet. We appreciate the confidence placed in us by the Flynas team and wish them continued success as we start our partnership with them.” Bander Almohanna, the CEO and managing director of Flynas, believes the deal with AviLease will go a long way toward achieving the aims of the Kingdom’s strategy to connect Saudi Arabia with more than 250 global destinations by the end of the decade. “These 12 new A320neo aircraft will help us continue to grow our modern and fuel-efficient fleet,” he said. “This commitment supports our business strategy and advances our company’s ambitious agenda with our new partner, AviLease.”