Aircraft finance and leasing company Aviles, owned by the Saudi State Investment Fund, has purchased 13 aircraft from the international company Avalon.
Last year, the investment fund launched Aviles, which will expand to take advantage of direct expansion opportunities through aircraft purchases and aircraft leasebacks, as well as fulfillment of orders from manufacturers.
The agreement between the two companies includes seven Airbus 320neo and Boeing 737 Max 8 narrow-body aircraft, as well as another wide-body aircraft, including two Airbus 330neo aircraft, according to a statement released Thursday.
For his part, Aviles Chairman Fahd Al Saif said that the company is working to expand its operations and development operations to create a diversified fleet of modern aircraft that are produced by major leading companies in the world, and, of course, this is an important international agreement. with a global leasing company (Avalon) will give us more opportunities for direct expansion, according to the Al-Sharq Al-Awsat newspaper.
Aviles plans to strengthen its efforts in the aircraft leasing sector, a value chain for Saudi Arabia, and facilitate its entry into the aircraft leasing market.
The statement said that Aviles, which is wholly owned by the State Investment Fund, will contribute to the latter’s investment expertise, in addition to its strong financial balance, which will allow the company to find opportunities in the aircraft leasing sector.