RIYADH: AviLease, an aircraft leasing firm owned by Saudi Arabia’s Public Investment Fund, has signed a memorandum of understanding with Turkish Airlines for long-term contracts for eight Airbus A320neo aircraft. 

According to a press statement, two aircraft have already been provided, with the remaining six scheduled for delivery throughout 2025. 

PIF launched AviLease in 2022 to harness the potential of promising sectors within the Kingdom, aiming to drive economic diversification and contribute to the growth of the non-oil gross domestic product.

The launch of the company also aligns with Saudi Arabia’s Vision 2030 goal to establish the Kingdom as a leading player in the aviation sector. 

“We thank the Turkish Airlines team for their partnership, and we are delighted to further strengthen our relationship,” said AviLease CEO Edward O’Byrne. 

He added: “These aircraft will support Turkish Airlines’ growth plans while contributing to their fleet modernization strategy and sustainability goals.” 

The press statement further said that AviLease’s portfolio currently consists of 200 owned and managed aircraft, including purchase commitments, on lease to 48 airlines.

In March, AviLease 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.

In February this year, the company gave a specialized Aviation Financing Course to over 150 professionals in partnership with Prince Sultan University and Riyad Bank. 

At that time, AviLease, in a press statement, said that it aimed to support the Kingdom’s Vision 2030 program by preparing Saudi talent to lead the aviation finance sector on both a national and global scale.

The company added that it will continue to drive local economic opportunities and create direct and indirect jobs for Saudi nationals in the aviation and financial sectors.