The PIF-owned aircraft lessor AviLease announced it has closed the acquisition of Standard Chartered’s aircraft leasing business in a $3.6 billion deal, according to a company statement.
The two companies now own and manage 167 state-of-the-art technology, efficient fuel consumption aircraft leased to 46 airlines worldwide.
The Riyadh-headquartered Avilease signed its first deal with discount airline Flynas last year for the purchase of 12 new Airbus A320neo jets. The Saudi aircraft lessor is planning to become a top-10 global lessor by 2030.
Lessors represent about 50% of new aircraft, and the number has been steadily increasing.
AviLease, which announced the transaction in August this year, said the deal which comprised bridge financing of $2.1 billion was supported by ten banks.
The banks include Al Ahli Bank of Kuwait, Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Mizuho Bank, Natixis, Standard Chartered Bank, BNP Paribas, Citibank N.A., HSBC Bank Middle East and MUFG Bank.
According to the IMF latest new review, the Saudi’s economy progress has been most notably reflected in non-oil growth, which has accelerated since 2021, with an average 4.8 per cent in 2022. The non-oil growth will remain close to 5 per cent in 2023.
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