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Sat 16 Aug 2008 02:45 PM

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Saudia, Alafco lease order hits $3.3bn

Saudi airline agrees to lease eight A320s, bringing carrier's total plane order from Alafco to 25.

Kuwait's Aviation Lease & Finance Co (Alafco) said on Saturday Saudi Arabian Airlines had agreed to lease eight Airbus A320s, bringing the Saudi carrier's total plane order from Alafco to 25.

Saudia will take delivery of the eight single-aisle aircraft between 2009 and 2010, Alafco said in a statement.

The carrier had earlier signed deals with Alafco to buy eight and lease nine Airbus and Boeing aircraft, with the total deal - including Saturday's order - valued at $3.3 billion at list prices, Alafco said.

Alafco plans to deliver 13 Airbus A320s on lease to Saudia in the next two years and four Boeing B787 aircraft beginning 2014, it said.

The Gulf aviation industry is booming as surging economies spurred by record oil prices attract tourists, business people and workers to the world's biggest oil-exporting region. (Reuters)

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