RIYADH: AviLease, an aircraft leasing firm owned by the Public Investment Fund, has delivered three Airbus A320neo aircraft to SDH Wings.

SDH Wings is a joint venture between the Saudi firm and the Chinese sovereign fund, where the Kingdom holds a 10 percent stake.

According to a press release, the three new aircraft will be leased long-term to a Saudi-based airline. With this latest addition, SDH Wings now owns a total of 25 aircraft.

Launched in 2022 by PIF, AviLease was created to harness the potential of promising sectors within Saudi Arabia, aiming to drive economic diversification and contribute to the growth of the non-oil GDP.

“This delivery represents a significant milestone in our relationship with SDH Wings. We are proud to support their expansion with these state-of-the-art aircraft,” said AviLease CEO Edward O’Byrne.

This delivery also signals a new phase in the collaboration between AviLease and SDH Wings, following a broader memorandum of understanding to acquire 20 additional, predominantly next-generation aircraft.

Under this agreement, AviLease will further assist SDH Wings in expanding its fleet while strengthening its partnership with Sichuan Development International Holdings, the majority shareholder of SDH Wings.

“By leveraging AviLease’s expertise in leasing and financing modern, fuel-efficient aircraft, SDH Wings is well-positioned to capitalize on emerging opportunities in the aviation financing market,” said the press release.

In October 2024, AviLease acquired nine aircraft from global lessor Avolon, building on the successful purchase of 13 aircraft from Avolon in 2023.