AviLease acquires nine aircraft from Avolon
October 10, 2024
AviLease, the rapidly growing aircraft lessor backed by Saudi Arabia’s Public Investment Fund (PIF), has announced the acquisition of nine aircraft from global leasing giant Avolon.
The deal follows the successful purchase of 13 aircraft from Avolon last year, which has solidified AviLease’s position as a key player in the global aviation leasing market.
With this acquisition, AviLease’s portfolio now includes 167 owned aircraft, including purchase commitments, alongside 23 managed aircraft leased to 48 airlines across the globe.
AviLease’s Chief Executive Officer Edward O’Byrne commented: “We are delighted to close this second transaction with Avolon. We would like to thank them for the strong and mutually beneficial partnership we have built together. In the two years since our launch, AviLease has been able to quickly operationalise and ramp-up a profitable leasing platform thanks to our ability to deploy capital across multiple channels.”
Avolon’s Chief Executive Officer Andy Cronin added: “We are pleased to be partnering with AviLease once again following on from our successful transaction in 2023. Trading aircraft has always been an important element of our strategy, with over $13 billion of assets traded since Avolon was founded.”
The deal comes at a time when Saudi Arabia’s aviation sector is experiencing unprecedented growth, fuelled by the nation’s Vision 2030 plan, which aims to diversify the economy and position the country as a global aviation hub.
A key pillar of this vision is the development of Riyadh Air, a new national carrier, alongside significant investments in airport infrastructure, such as the creation of a new mega-hub in the capital.
Saudi Arabia’s aggressive push to capture a greater share of the global aviation market has also spurred demand for aircraft, making the role of lessors like AviLease critical.
The Saudi aircraft leasing market, supported by the PIF’s deep financial resources, has emerged as one of the key growth areas, both regionally and globally.
