(MENAFN- Saudi Press Agency) Riyadh, June 30, 2022, SPA -- The Public Investment Fund (PIF) today announced the launch of the Aircraft Leasing Company“AviLease”, which aims to be a leading institution across the aviation leasing value chain, maintaining an optimal portfolio of assets with its core focus on leasing, trading and asset management services.
“AviLease” will initially focus on scaling through purchase-and-lease-back transactions with airlines, portfolio acquisitions and direct orders from aircraft manufacturers. It will also look into expansions through corporate acquisitions. The company's fleet will consist of the new generation of narrow-body and wide-body aircraft from the world's leading manufacturers.
“AviLease” is managed by a top-tier team that will lead its growth, localize knowledge and expertise, and enable the development of the company's desired infrastructure, with plans to become a national champion in the aircraft leasing market. Additionally, the company's establishment will contribute to the reduction of value leakage for Saudi Arabia, while enhancing integration into the global aircraft financing market.
As a PIF fully owned company, PIF's ample liquidity and strong balance sheet, combined with its depth of financing and investment-structuring expertise will help the company leverage the opportunity in the aircraft leasing market.
The launch of“AviLease” underlines PIF's mandate to unlock the capabilities of promising sectors locally that can help drive the diversification of the economy and contribute to non-oil GDP growth. In addition, the company will be supporting a thriving aviation sector and driving financial sustainability within the aviation ecosystem in line with Vision 2030.
PIF is one of the largest and most impactful sovereign wealth funds in the world. As of the end of Q1 2022, its Assets under Management had reached approximately $620 billion, across a diversified portfolio spanning 13 strategic sectors in Saudi Arabia and globally. Since 2017, the Fund has established 54 companies and created, directly and indirectly, more than half a million jobs as at the end of 2021. PIF plays a leading role in advancing Saudi Arabia's economic transformation and diversification, as well as contributing to shaping the future of the world economy.
16:53 LOCAL TIME 13:53 GMT
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.