July 1, 2022
1 min read

Saudi announces aircraft leasing company

Saudi Arabia announced the founding of an aircraft leasing company named AviLease, as a way to diversify the kingdom’s oil-reliant economy…reports Asian Lite News

Sponsored by the Public Investment Fund (PIF), a sovereign wealth fund of Saudi Arabia, AviLease will focus on growing through purchase-and-leaseback deals with airlines, portfolio acquisitions, and direct orders from aircraft manufacturers, as well as considering corporate acquisitions as a means of expansion, Xinhua news agency quoted the state media as saying.

The launch of AviLease underlines PIF’s goal to tap the potential of promising local industries in order to advance economic diversification and contribute to non-oil GDP growth.

ALSO READ:India, Saudi Arabia agree to enhance defence cooperation

The PIF has established 54 companies in various sectors since 2017.

Previous Story

Car bombing hits motorcade of high-ranking Yemen official

Next Story

Caspian Sea littoral states reject foreign presence

Latest from Arab News

IAEA sounds nuclear alarm in Iran

UN nuclear watchdog urges restraint, calls for diplomacy to prevent crisis. The head of the International Atomic Energy Agency (IAEA), Rafael Grossi, has issued a stark warning about the potential nuclear fallout

Trump says it’s hard to tell Israel to stop

President downplays European diplomacy as Israeli jets strike over 35 Iranian missile sites US President Donald Trump has said it would be “difficult” to ask Israel to stop its ongoing airstrikes on

War on Children Worsens, Says UN

The new high surpassed 2023, another record year, which itself represented a 21 per cent increase over the preceding year….reports Asian Lite News Violence against children in conflict zones soared to record

US weighs joining fight with Israel

Europe’s push for diplomacy is in sharp contrast to messages from Washington, with President Trump openly weighing bombing Iran  Iran’s foreign minister will meet in Geneva with counterparts from Germany, France and

Kremlin warns US against Iran strike

Putin revealed that Moscow had proposed several compromise frameworks to all involved parties — including the US, Israel, and Iran Washington would be making a serious mistake by launching an attack on
Go toTop

Don't Miss

UAE delegation holds talks on UAE-India CEPA facets

The meetings between an Emirati delegation, led by Abdullah bin

156 Houthi militants killed in battles with Yemen army

At least 156 Houthi militants were killed in battles with