The Saudi Arabian Public Investment Fund (PIF)-owned aircraft leasing company AviLease has announced that it has signed a long-term agreement with Turkish Airlines to lease eight Airbus A320neo aircraft. According to the press release, the first two aircraft have already been secured, and the remaining six are expected to be delivered in 2025.
AviLease focuses on projects that aim to diversify the Saudi economy and contribute to non-oil GDP growth, in line with the country’s Vision 2030 strategy. In this context, the company’s operations align with Saudi Arabia’s goal of becoming a global player in the aviation sector.
AviLease CEO Edward O’Byrne highlighted the strengthened cooperation with Turkish Airlines, stating, “We thank the Turkish Airlines team for their partnership. We are pleased to further solidify this collaboration.” O’Byrne also noted that these aircraft will support Turkish Airlines’ growth plans while contributing to fleet modernization and sustainability goals.
It was reported that AviLease’s current portfolio includes more than 200 aircraft leased to 48 different airlines. The company also delivered three Airbus A320neo aircraft to SDH Wings, a joint venture established between the Saudi firm and a Chinese sovereign fund, in which Saudi Arabia holds a 10% stake.
AviLease continues to contribute to Saudi Arabia’s Vision 2030 program. Last February, the company collaborated with Prince Sultan University and Riyad Bank to organize an Aviation Finance Course for over 150 professionals. The training program aims to improve the employability of Saudi citizens in the aviation and finance sectors and to enhance local economic opportunities.
AviLease’s growing portfolio not only supports Saudi Arabia’s global leadership ambitions in the aviation sector but also contributes to the country’s efforts to create jobs and increase economic opportunities.
