PIF’s AviLease signs first aircraft lease agreement with flynas

Signing ceremony

AviLease, a wholly-owned subsidiary of Saudi Arabia’s Public Investment Fund (PIF), celebrated today, July 18, its official launch in London, which coincides with the Farnborough International Aviation event.

In a statement, of which Argaam obtained a copy, the first agreement to buy and leaseback 12 new Airbus A320neo aircraft were signed with flynas. Under the agreement, the aircraft will be delivered in 2022 and 2023.

AviLease aims to contribute to the development of the Kingdom’s aviation sector system through expanding in the aircraft leasing sector. The company will focus on leasing and selling services as well as aircraft fleet management.