PIF’s AviLease forms new JV with Hassana Investment

An AviLease-Hassana JV incoming? PIF-owned aircraft lessor AviLease partnered with Tadawul-listed Hassana Investment Company to launch a new joint venture for aircraft leasing, according to a statement. Hassana will hold the majority share of the JV, with AviLease acting as aircraft service provider, the statement reads. Details about the investment ticket for the JV were not disclosed

TL;DR: The JV is set to acquire a portfolio of 10 fuel-efficient carriers from AviLease — currently on lease to Saudi-based airlines. AviLease will offer its technical and performance expertise to support the JV’s scale-up and operation. The new platform aims to facilitate access to the aviation financing asset class for international and local investors.

Where does AviLease currently stand? The firm currently boasts a fleet of 200 aircraft worth USD 8 bn — which it aims to grow to 500 aircraft by 2030, capitalizing on strong domestic demand from airlines including Riyadh Air, Saudia, and flynas.

Expansions already underway: The PIF placed an order for 20 Boeing 737-8 jets for AviLease, with option for 10 more. The White House fact sheet puts the total value of the purchases at USD 4.8 bn. The lessor also tapped Airbus for 10 A350F freighter jets and 30 A320neo family aircraft with an option to expand the total purchase order to 77 jets.