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SAUDI ARABIA — AviLease, a full-service commercial aircraft lessor based in Saudi Arabia, has successfully placed its first direct order of Boeing 737 MAX.
The agreement includes 20 Boeing 737 MAX aircraft and an option for 10 more, allowing AviLease to expand its business portfolio and the broader Saudi aviation sector.
Key Points of the Agreement
- Order: 20 confirm Boeing 737-8 MAX jets, with option of 10 more.
- Aircraft: Boeing 737-8, a family of Boeing 737 MAX, is known for its fuel efficiency.
- Delivery: Deliveries are set to take place in 2032.
- Significance: AviLease has purchased aircraft from OEM (Original Equipment Manufacturer) for the first time.
Edward O’Byrne, CEO of AviLease, stated, “These new aircraft will accelerate our growth and enable us to deliver the industry’s latest fuel-efficient fleet solutions. This proves our ability to transact across all market channels, including sale and leaseback, secondary trading, M&A, and now direct OEM purchasing.”
Avilease Growth
Avilease was established in 2022 and has rapidly expanded its portfolio with 200 aircraft and 48 customers (airliners). It is backed by Saudi Arabia's PIF (Public Investment Fund). The direct order from Boeing is a significant milestone for AviLease in becoming a Top-10 global aircraft lessor. Their services include:
- Leasing
- Trading
- Asset Management
Fahad AlSaif, AviLease’s Chairman, emphasized the alignment with national strategy, “This strategic order reflects AviLease’s long-term ambition of becoming a top 10 global leader in aircraft leasing, while strengthening AviLease’s position as a national champion. This aligns with the mandate of PIF to contribute to the goals of Saudi Arabia’s Vision 2030 and the National Aviation Strategy.”
Saudi National Vision
The Boeing 737 MAX series is known for its low operating costs and fuel efficiency and is a major player in the leasing industry. The addition of the latest generation of commercial aircraft supports the Saudi National Aviation Strategy and Vision 2030.
By 2030, the aim is to serve 330 million passengers and attract 150 million visitors annually.
Featured image: Boeing
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