What is the story about?
What's Happening?
AviLease, backed by Saudi Arabia's Public Investment Fund, has partnered with Hassana Investment Company to form a new aircraft leasing joint venture. Hassana, which manages the kingdom's social security and pension fund, will hold the majority stake, while AviLease will provide aircraft services. The joint venture aims to expand Saudi Arabia's aircraft leasing sector, with plans to acquire 10 aircraft currently leased to Saudi-based airlines. This move is part of AviLease's broader strategy to grow its fleet to approximately 200 aircraft, supported by recent orders from Boeing and Airbus.
Why It's Important?
The establishment of this joint venture marks a significant step in Saudi Arabia's efforts to diversify its economy and strengthen its aviation sector. By expanding its aircraft leasing capabilities, the kingdom aims to attract international investments and enhance its position in the global aviation market. This initiative aligns with Saudi Arabia's Vision 2030, which seeks to reduce reliance on oil revenues and promote economic growth through strategic investments in key industries. The partnership also highlights the potential for collaboration between public and private entities in driving economic development.
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