Saudi Red Sea Authority joins with Monaco entities to promote marine activities   

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Updated 03 August 2023
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Saudi Red Sea Authority joins with Monaco entities to promote marine activities   

RIYADH: In a move to further promote tourism and marine recreational activities in the Red Sea, Saudi Arabia has roped in two of the leading yachting entities from Monaco, which is known for offering international cursing experiences. 

The Saudi Red Sea Authority has signed a memorandum of understanding with the Prince Albert II of Monaco Foundation, with the aim to promote cooperation in developing human capital and future leaders.  

The deal will also look at hosting joint events, exchanging knowledge and experiences in areas of mutual interest. 

The other MoU was signed between the authority and Monaco Yacht Club as both parties agreed to strengthen cooperation in organizing joint events while promoting environmental initiatives and sustainable practices in the Red Sea. 

As part of the agreement, two sides will work toward maximizing the use of marine professionals to offer courses in navigation, safety, and environmental stewardship. 

The joint efforts will also include research projects related to the marine environment and sustainable development while promoting Red Sea tourism development.   

The two MoUs were signed between the Acting CEO of SRSA Mohammed Al-Asiri and Olivier Wenden representing the Prince Albert II of Monaco Foundation, and Bernard D'Alessandri on behalf of Monaco Yacht Club.  

The agreements were inked at Monaco Yacht Club’s headquarters in the presence of the Saudi Minister of Tourism, also chairman of the board of directors at Saudi Red Sea Authority, Ahmed Al-Khateeb.  

Through these agreements, SRSA, which is responsible for regulating marine tourism activities in the Kingdom, seeks to expand its strategic ties with relevant international bodies in order to promote tourism in the Red Sea and apply international best practices to its activities.   

Describing the MoUs “strategic partnerships”, Al-Asiri said that they are hopeful that such cooperation with global maritime entities would help SRSA achieve its maritime and environmental development goals.   

He further added that the deals also aim to encourage coastal tourism in the Kingdom and even take it to higher economic horizons.  

SRSA works as an enabler of recreational activities in the Kingdom, with a focus on creating a prosperous local tourism economy along the Red Sea coastline, while preserving and protecting the marine environment. 


PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

Updated 27 February 2026
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PIF-backed AviLease achieves revenue of $664m and 19% growth in 2025

RIYADH: Saudi Arabia’s Public Investment Fund-backed AviLease achieved exceptional performance and sustainable business growth during 2025, supported by the strategic expansion of its global platform.

According to its financial results for 2025, AviLease recorded total revenues of $664 million, an annual increase of 19 percent, driven by disciplined growth in its asset portfolio and strong performance in aircraft remarketing amid sustained global demand for modern, fuel-efficient aircraft, the Saudi Press Agency reported.

Profit before tax doubled compared to the previous year, reaching $122 million. The year witnessed an expansion in AviLease’s portfolio, reaching 202 owned and managed aircraft, leased to over 50 airline companies in more than 30 countries. 

The total value of the company’s assets stabilized at $9.3 billion. AviLease maintained a 100 percent fleet utilization rate, reflecting the resilience of its business model, the efficiency of its asset management, and the strength of its strategic relationships with airlines around the world.

AviLease concluded purchase agreements for aircraft from Airbus, including the A320neo family and A350F, and Boeing 737 aircraft, aiming to enhance its future asset portfolio with modern, fuel-efficient aircraft. This step will contribute to supporting future growth and meeting increasing customer demand for the latest aircraft, aligning with the Kingdom’s ambitions to become a leading global aviation hub.

AviLease strengthened its prestigious credit standing by obtaining a strong Baa2 credit ratings from Moody’s and BBB from Fitch, reflecting its financial solidity, managerial discipline, and efficiency in managing leverage. The company also successfully issued senior unsecured bonds worth $850 million last November under Regulation 144A/RegS. This issuance contributed to diversifying its funding sources and enhancing its financial flexibility.

Commenting on the results, AviLease CEO Edward O’Byrne said: “This exceptional performance reflects the quality of the company’s investment portfolio, the strength of its partnerships with airlines, and its strategic focus on responsibly deploying capital into highly sought-after, efficient, modern aircraft assets.”

He added: “As aviation markets continue to grow, AviLease is strategically positioned to continue its expansion plans and deliver sustainable long-term value for shareholders, contributing to the Kingdom’s ambitions.”

Throughout 2025, AviLease continued to play a pivotal role in the Kingdom’s growing aviation sector and contributed directly to the launch and scaling of the new national carrier, Riyadh Air, by completing a sale and leaseback transaction for a Boeing 787-9 aircraft, which thereby became the first aircraft to join the airline’s fleet.

AviLease also established a strategic partnership with Hassana Investment Co. This partnership aims to provide an opportunity for local and international investors to enter the aircraft financing asset class and benefit from AviLease’s technical expertise and operational capabilities to support partnership growth and enhance performance. 

Hassana Investment Co. has agreed to acquire an initial portfolio of 10 modern aircraft from AviLease.