RIYADH: Public Investment Fund-backed AviLease has reached a deal with SDH Wings International to fit 20 aircraft with new technology.

Under this agreement, AviLease and SDH Wings will cooperate to identify and select the first five narrow-body aircraft from AviLease’s portfolio to be included in the letter of intent, according to the Saudi Press Agency.

The MoU was signed during the China-Saudi Investment Conference, which was held in Beijing from Dec. 7 to 12, on the sidelines of the visit of the Minister of Investment, Khalid Al-Falih, to the People’s Republic of China and the Hong Kong Special Administrative Region.

The minister’s visit is part of the Kingdom’s goal of developing the existing Saudi-Chinese strategic partnership in the economic, investment and trade fields, the SPA reported. 

Within the Vision 2030 framework, Saudi Arabia seeks to promote strategic partnerships and advance trade, investment, and economic activities in various sectors.

Thus, the MoU also aims to strengthen relations and areas of cooperation between China and the Kingdom as they begin to explore new ways and methods to achieve further cooperation to benefit the economies of both nations. 

The agreement also seeks to facilitate the process of expanding the scope and size of the aircraft portfolio owned by SDH Wings while providing an opportunity for its principal shareholders, Sichuan Development International Holdings and Avilease, to further develop new cooperation and partnership relationships and strengthen their commitment to the joint venture.

AviLease’s CEO, Edward O’Brien, said: “We are pleased to have the opportunity to work closely with SDH Wings and our joint venture partner SDIH. We recognize the amount of untapped potential and capabilities in the Asian aviation sector, and we hope that our close relationship with SDH Wings will contribute to accessing more markets.” 

Earlier this year, AviLease signed an agreement to purchase the aircraft leasing business of Standard Chartered for $3.6 billion.