Saudi Arabia seeking further digital advancements in Silicon Valley 

Saudi Minister of Communications and Information Technology Abdullah bin Amer Al-Swaha in Silicon Valley. SPA.
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Updated 05 December 2023
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Saudi Arabia seeking further digital advancements in Silicon Valley 

RIYADH: Saudi Arabia is pursuing additional global partnerships to bolster its already robust digital infrastructure as the minister of communications and information technology met with senior officials from Silicon Valley. 

Discussions between Abdullah bin Amer Al-Swaha and Antonio Neri, president and CEO of Hewlett Packard Enterprise, were held on Dec. 5 to enhance local content and contribute to the growth of the Kingdom’s digital economy. 

The meeting focused on extending the strategic partnership into modern technology, cloud computing, and the localization of servers, as reported by the Saudi Press Agency. 

The minister highlighted Saudi Arabia’s potential for a strong digital infrastructure and its status as the largest market in the region. Talks also centered around the exploration of collaboration and partnership opportunities across various sectors. 

Al-Swaha also met with ServiceNow CEO Bill McDermott and Cohere CEO Martin Kon to discuss partnership opportunities in emerging technologies and artificial intelligence. 

These talks affirm Saudi Arabia’s position as a key regional technology and innovation hub, with efforts underscoring the region’s commitment to fostering the expansion of a dynamic digital economy, aligning with the goals outlined in Saudi Vision 2030. 

In October, Saudi Arabia and Finland signed a memorandum on information, communication, and technology to strengthen strategic partnerships to support the growth of the digital economy and exchange experiences between the two countries. 

The memorandum was signed in Riyadh by Al-Swaha and the Finnish Minister of Foreign Trade and Development, Ville Tavio. 

Under the deal, the two nations agreed to cooperate in developing emerging technologies, Internet of Things, cloud, new wireless network technologies, digital capacity development, and government digital transformation. 

It will also develop joint programs covering capacity building, collaborative research projects related to technology foresight, and coordination of private sectors in Saudi Arabia and Finland. 

Some five months before this agreement, Al-Swaha held talks with Chinese company leaders and investors in the digital economy, space, and innovation sectors.  

According to the communications ministry’s website, the meeting, held in Beijing, was organized by MCIT in collaboration with eWTP Arabia Capital and the Saudi Arabia-China Entrepreneur Association to strengthen the strategic partnership between Saud Arabia and China. 

Al-Swaha emphasized fostering cooperative relationships and exchanging experiences and expertise in technological projects and initiatives. He highlighted the alignment between Saudi Vision 2030 and the Belt and Road Initiative, providing a roadmap for collaboration. 

The minister also showcased successful partnership models between the two countries in various fields and discussed the promising investment opportunities available.


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.