The Public Investment Fund today launched the aircraft leasing company “AviLease”, which aims to contribute to the development of the aeronautical sector system in the Kingdom by expanding into the aircraft leasing sector, which will focus on leasing and selling services. and on the management of the air fleet.
AviLease will expand its operations, enabling it to take advantage of direct expansion opportunities by purchasing and leasing aircraft, as well as executing direct purchase orders from aircraft manufacturers.
The company will also have an investment aspect which includes portfolio and company acquisitions. The company will also work to create a diverse fleet of modern aircraft manufactured by the largest leading companies in the world.
The company will be led by a group of aeronautical industry experts and will seek to open new horizons for knowledge localization and skills transfer, which will help create job opportunities and increase national skills capacities in the sector. in thereby supporting its future plans to be a leading national company in the aircraft leasing industry. The company will help strengthen the Kingdom’s value chain and facilitate its entry into the aircraft leasing market.
As a wholly owned subsidiary of the Public Investment Fund, the fund’s investment experience, in addition to its solid budget financial, will help enable the company to find opportunities in the aircraft leasing sector.
The launch of “AviLease” stands as an affirmation of the role of the Public Investment Fund in developing the Kingdom’s promising sectors and contributing to the fund’s objectives of diversifying the Saudi economy and increasing non-oil GDP growth, in in addition to enhancing the options and financial sustainability of the aeronautical sector system, in in line with the Kingdom 2030 vision goals.
The Public Investment Fund is one of the largest and most influential sovereign wealth funds in the world. The heritage in fund management amounted to approximately 2.3 trillion Saudi riyals by the end of the first quarter of 2022, entering in investment opportunity in 13 strategic sectors at local and international level. The Fund has formed more than 54 companies since 2017, as well as creating more than 500,000 jobs directly and indirectly through the end of 2021, which helps advance the transformation and diversification of the Saudi economy, as well as its contribution to shaping the characteristics of the future of the global economy.
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