Saudi Arabia launches aircraft leasing company “Avi Lease”

Riyadh, July 1: Saudi Arabia has announced the establishment of an aircraft leasing company named Avi Lease as a way to diversify the kingdom’s oil-dependent economy.

Sponsored by the Public Investment Fund (PIF), a Saudi Arabian sovereign wealth fund, AviLease focuses on growing through purchase and leaseback transactions with airlines, portfolio acquisitions and direct orders from aircraft manufacturers. Xinhua News Agency quoted state media remarks as a means of expansion. Saudi Arabia has announced the discovery of four new oil and gas fields that are likely to increase production.

The launch of AviLease underscores PIF’s goal of unlocking the potential of promising local industries to promote economic diversification and contribute to non-oil GDP growth. Since 2017, PIF has established 54 companies in various fields.

(The above story was first published in Latest LY at 12:45 pm IST on July 1, 2022. For news and updates on politics, the world, sports, entertainment and lifestyle, please visit our website. Please log on to.

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