PIF-owned AviLease will lease eight Airbus A320neo jets to Turkish Airlines under a long-term contract, according to a statement. The investment ticket and leasing period have not been disclosed.

What we know: Two of the eight aircraft have already been delivered, and the remaining six are slated for delivery throughout this year, state news agency SPA reports.

Doubling down on expansion plans: The Riyadh-based aircraft leasing firm snapped up an unsecured USD 1.1 bn five-year loan to expand its fleet back in 2023. The jet lessor indicated the loan will be used for general corporate purposes, including the acquisition of additional aircraft. Last October, AviLease acquired nineaircraft from Avolon, bringing the company’s portfolio at the time to 167 owned aircraft.

AviLease is looking to expand its fleet to 300 jets by 2030. The growth push should see the lessor’s cargo traffic double and increase its balance sheet to USD 20 bn from USD 8 bn by 2030, through M&A, buying individual planes, and placing large orders for aircraft, said its CEO Ted O’Byrne. The firm also hopes to issue up to USD 2 bn in USD-denominated bonds annually as part of its strategy to help the Kingdom diversify away from oil and become a trade and logistics hub.

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