PIF-owned, Riyadh-based aircraft leasing firm AviLease inked an agreement with Turkish Airlines for a long-term lease of eight Airbus A320neo jets, 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, SPA reports. The move looks to support Turkish Airlines’ fleet expansion and modernization plans.

Doubling down on expansion plans: AviLease 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. In October, AviLease acquired nine used aircraft from Avolon — bringing the company’s portfolio then to 167 owned aircraft.

The firm 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 6 bn by 2030, ultimately creating a “lot of capacity” to acquire wide-body aircraft, CEO Ted O’Byrne told Bloomberg TV in an interview back in 2023. The lessor also hopes to issue up to USD 2 bn denominated bonds annually as part of its strategy to help KSA diversify away from oil and become a trade and logistics hub.

IN OTHER AVIATION NEWS-

Emirates boosts its cargo fleet: The UAE’s flagship carrier Emirates is set to uptake five newbuild aircraft for its air cargo fleet, regional air cargo director Faisal Al-Shafei told Amwalaghad. The airline currently has 11 operational carriers in its air cargo fleet and expects cargo operations to grow by 10% through 2025. The move aligns with the firm’s plans to boost its cargo-dedicated fleet to some 32 aircrafts by 2030 and expand its cargo network to reach 72 destinations.

ALSO- The Emirati airline joined the Aviation Circularity Consortium (ACC) to reinforce sustainability in the global aviation supply chain, according to a statement. Through the partnership, Emirates looks to reduce waste, enhance efficiency, and streamline the transition to more sustainable aviation solutions. The Emirati airline will offer up its experience in embedded recycling and circular solutions — which it already deploys across its operations — to other players in the network.

What’s the ACC? The group looks to build a circular economy in the aviation sector by spearheading new ways to boost decarbonization in heavy industry and transport supply chains, according to its website. The network was founded by aviation leaders Jamco, Qantas, Titan Leasing, Vaupell, Nandina and Sumitomo Corporation.

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