PIF’s AviLease to acquire Standard Chartered’s aircraft leasing unit for $3.6bn

The Pubic Investment Fund-owned company will acquire a portfolio of 100 narrow-body aircraft and will also become a servicer for another 22 aircraft. Photo/Supplied
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Updated 28 August 2023
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PIF’s AviLease to acquire Standard Chartered’s aircraft leasing unit for $3.6bn

RIYADH: AviLease, an aviation financing and leasing firm owned by Saudi Arabia’s sovereign wealth fund, has signed an agreement to purchase the aircraft leasing business of Standard Chartered, which also includes Dublin-based Pembroke Group.

According to a press statement, AviLease is acquiring Standard Chartered’s aircraft leasing business for $3.6 billion.

The Pubic Investment Fund-owned company will acquire a portfolio of 100 narrow-body aircraft and will also become a servicer for another 22 aircraft, it added.

“The combined platform will own and manage 167 of the latest technology, fuel-efficient aircraft, consisting of 145 owned valued at circa $6 billion and 22 managed aircraft valued at circa $800 million leased to 46 airlines globally,” the press release said.

To complete the deal, AviLease arranged $2.1 billion of competitive bridge financing commitments from four banks including BNP Paribas, Citibank N.A., HSBC Bank Middle East, and MUFG Bank.

“The Standard Chartered leasing business is an industry-leading platform combined with a team of high-caliber professionals with an outstanding reputation,” said AviLease Chairman Fahad Al-Saif.

He added: “This acquisition will propel AviLease and will in turn support Saudi Arabia’s aviation ecosystem, on our path to help realize the Saudi Vision 2030’s objective of diversifying the economy and adding high-value employment opportunities for Saudi citizens.”

AviLease CEO Edward O’Byrne said that the deal is a “fantastic next step in AviLease’s young existence.”

“We are purchasing a very high-quality portfolio of narrow-body aircraft on lease to top-tier airlines globally. The transaction accelerates the scale-up and lessee diversification of our fleet, demonstrating our ability to execute our investment strategy,” said O’Byrne.

He further noted that the acquisition will help AviLease become a top-10 global aircraft lessor in the future.

The transaction is expected to close by the fourth quarter of this year.

Citigroup acted as financial adviser to AviLease for this transaction, while Allen & Overy and Arthur Cox LLP served as legal counsel.


New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

Updated 28 January 2026
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New Murabba seeks contractors for Mukaab Towers fit-outs: MEED

RIYADH: Saudi Arabia’s New Murabba Development Co., a wholly owned subsidiary of the Public Investment Fund, has issued a request for information to gauge the market for modular and offsite fit-out solutions for its flagship Mukaab development, MEED reported on Wednesday.

The RFI was released on Jan. 26, with submissions due by Feb. 11. NMDC has also scheduled a market engagement meeting during the first week of February to discuss potential solutions with prospective contractors.

Sources close to the project told MEED that NMDC is “seeking experienced suppliers and contractors to advise on the feasibility, constraints, and execution strategy for using non-load-bearing modular systems for the four corner towers framing the Mukaab structure.” The feedback gathered from these discussions will be incorporated into later design and procurement decisions.

The four towers — two residential (North and South) and two mixed-use (East and West) — are integral to the Mukaab’s architectural layout. Each tower is expected to rise approximately 375 meters and span over 80 stories. Key modular elements under consideration include bathroom pods, kitchen pods, dressing room modules, panelized steel partition systems, and other offsite-manufactured fit-out solutions.

Early works on the Mukaab were completed last year, with NMDC preparing to award the estimated $1 billion contract for the main raft works. This was highlighted in a presentation by NMDC’s chief project delivery officer on Sept. 9, 2025, during the Future Projects Forum in Riyadh.

Earlier this month, US-based Parsons Corp. was awarded a contract by NMDC to provide design and construction technical support. Parsons will act as the lead design consultant for infrastructure, delivering services covering public buildings, infrastructure, landscaping, and the public realm at New Murabba. The firm will also support the development of the project’s downtown experience, which spans 14 million sq. meters of residential, workplace, and entertainment space.

The Parsons contract follows NMDC’s October 2025 agreements with three other US-based engineering firms for design work across the development. New York-headquartered Kohn Pedersen Fox was appointed to lead early design for the first residential community, while Aecom and Jacobs were selected as lead design consultants for the Mukaab district.

In August 2025, NMDC signed a memorandum of understanding with Falcons Creative Group, another US-based firm, to develop the creative vision and immersive experiences for the Mukaab project. Meanwhile, Beijing-based China Harbour Engineering Co. completed the excavation works for the Mukaab, and UAE-headquartered HSSG Foundation Contracting executed the foundation works.