Saudia expands connectivity to AlUla, promotes its ascent as a tourist hot spot 

The agreement was signed during the World Travel Market event in London. Saudia.
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Updated 07 November 2023
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Saudia expands connectivity to AlUla, promotes its ascent as a tourist hot spot 

RIYADH: AlUla’s rise as a tourist destination has been boosted with national flag carrier Saudia increasing its connectivity to the ancient city from Riyadh, Jeddah and Dammam to eight flights a week.    

Saudia Vice President of Passenger Sales Manal Al-Shehri and RCU Vice President of the Marketing and Management Office Rami Al-Moallim signed the agreement on Nov. 6 at the World Travel Market event in London.   

Commenting on the deal, Al-Shehri said that her company is a strategic partner of the RCU in supporting efforts to attract tourists to the Kingdom, both locally and internationally.   

She added that the agreement marks a progressive stride in strategic cooperation, especially following the launch of the airline’s new brand focused on embedding Saudi culture and identity into its products and services.   

Al-Moallim also said that the collaboration represents a continuation of several significant partnerships established by the RCU with the airline over recent years.  

He stressed Saudia’s pivotal role in advancing AlUla’s reputation as a tourist destination and its continuous efforts to support the city’s tourism sector by facilitating travel for visitors from important domestic and international locations.  

Al-Moallim further highlighted the airline’s active promotion of AlUla’s rich cultural and historical heritage, positioning it as a unique global destination. 

“Furthermore, it has played an integral role in various promotional campaigns launched by the RCU to increase the number of visitors to this tourist destination, aiming to receive 250,000 visitors by the end of 2023 and 292,000 visitors by the end of 2024,” he added.  

As part of its strategic partnership with the RCU, Saudia launched its first polo team comprising three players who participated in the Richard Mille AlUla Desert Polo Tournament held in February 2022.  

“This endeavor served as a testament to Saudia’s commitment to advancing the tourism and sports sectors in the Kingdom,” the company said. 

AlUla, a town divided by its geography, spans a 10 km stretch in a narrow valley surrounded by mountains, situated just 20 km south of Hegra. In 2008, Hegra was recognized as Saudi Arabia’s first UNESCO World Heritage site, celebrating the rich history of the Nabataean civilization. 


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.