Alafco Aviation Lease and Finance Company announced the signing of an agreement for the lease of 8 Airbus A320-200 aircraft to Jeddah based Saudi Arabian Airlines. The lease term shall be for a period 8 years, and this transaction is the second major deal between the two companies during the past few months. By concluding this deal, the total number of Airbus and Boeing aircraft Alafco has agreed to provide to Saudi Arabian Airlines has reached 25; 17 aircraft shall be leased and 8 aircraft shall be sold for a total value of US$ 3.3 billion.
The Chairman and Chief Executive Officer of Alafco Mr. Ahmad Abdullah Alzabin stated that the 8 Airbus aircraft shall be delivered to the Saudi Arabian Airlines between 2009-2010, and that this deal comes after the two sides signed agreements earlier for lease and purchase of 17 Airbus and Boeing aircraft valued at US$ 2.7 billion at list prices.
Mr. Alzabin also stated that pursuant to the signed agreements, Alafco shall deliver to Saudi Arabian Airlines 13 Airbus A320-200 aircraft on lease within the next two years and 4 Boeing B787-9 Dreamliner aircraft on lease in the year 2012. Also, 8 Boeing B787-9 aircraft shall be sold to the Saudi Arabian Airlines with deliveries starting in 2014 and ending in 2015.
He further added that as a major aircraft lessor in the Gulf area, Alafco endeavours to support the fleet modernization plans of the regional airlines by providing aircraft on lease, and is very proud of its relation and continued cooperation with a prominent airline like Saudi Arabian Airlines.
Mr. Alzabin concluded by stating that Alafco’s new aircraft on order have reached 70, most of which are contracted to be leased by international and regional airlines. Aircraft ordered by Alafco’s include a mix of very popular new technology models from Airbus and Boeing with attractive delivery dates enabling our airline customers to meet their short and long term plans.