Alafco leases further aircraft to SAA

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GROWING BUSINESS: Al Zabin now has 70 jets on order.

Jet-lease firm Alafco has signed an agreement to lease eight further aircraft to Jeddah-based Saudi Arabian Airlines, bringing the total of number of leased planes on order to the kingdom’s operator to 25.

Under the terms of the contract, the second to be announced in recent months, Alafco will supply eight Airbus A320-220 aircraft to the Saudi carrier, which will be delivered in 2009-10.

The previous agreement between the two partners stipulated that Alafco would deliver 13 additional A320-220s on lease within the next two years, with four leased Boeing B787-9 Dreamliner aircraft to be delivered in 2012. The original deal - which is valued at US$3.3 billion - also covers the purchase of eight Dreamliners by the Saudi airline with deliveries starting in 2014.

Kuwait-based Alafco also indicated that the number of new aircraft on order had now reached 70, most of which are contracted to be leased by international and regional airlines.

"As a major aircraft lessor in the Gulf area, Alafco endeavours to support the fleet modernisation plans of the regional airlines by providing aircraft on lease, and is extremely proud of its relation and continued cooperation with a prominent airline like Saudi Arabian Airlines," announced Ahmed Abdullah Al Zabin, chairman and CEO of Alafco.

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