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Kuwait's ALAFCO inks deal to lease A320s to Scandinavian airline

Kuwait's ALAFCO inks deal to lease A320s to Scandinavian airline

Kuwait-based Aviation Lease and Finance Company, better known as ALAFCO, has signed an agreement with Scandinavian Airline Systems (SAS) for the lease of five new A320neo aircraft.

The aircraft will be leased for a period of 10 years, with the first aircraft scheduled to be delivered in April 2019, a statement said.

Niklas Hardange, vice president SAS Fleet Management, said: “We are very pleased to have ALAFCO as a partner. The agreement gives SAS a strong cost-effective platform in a competitive market. As always, we seek long term relationships with solution-oriented partners, such as ALAFCO, that understands the complex and demanding aviation business.”

Ahmad A Alzabin, ALAFCO’s vice chairman and CEO, added: “This agreement signifies the start of a long term strategic partnership with SAS, a globally recognized operator. The lease of the five A320neo aircraft is another example of ALAFCO’s continued efforts to source new customers and deepen our relationships across the industry.

"Going forward, I firmly believe that the A320neo aircraft will continue to support the growth plans and future needs of the aviation sector given the efficiencies attributed to this aircraft.”

The portfolio of ALAFCO, which is listed on the Kuwait Stock Exchange, consists of 62 Airbus and Boeing aircraft, leased to 20 airlines in 13 countries. Its remaining order book comprises 87 new aircraft from Airbus and Boeing including 43 A320neo, 10 A321neo and 34 B737 MAX.

Deliveries are scheduled to take place between 2018 and 2023.

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