Aviation Lease & Finance (Alafco), a unit of Kuwait Finance House (KFH), is preparing to buy 15 new aircraft in the next two years with an investment of around $600m.
The proposed plans are part of the company’s plan to bridge the gap before it receives new aircraft already on order in 2017.
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Alafco CEO Ahmad al-Zabin was quoted by Reuters as saying that the company expects to take delivery of 117 new airliners between 2017 and 2022.
Zabin said: "Currently, we are doing our best to bridge the gap with 15 aircraft and by getting aircraft that are leased to airlines so they generate income from day one."
The aircraft lessor plans to finance the planned purchase using its existing resources and through the support of local and international banks.
Alafco deputy chief executive Adel al Banwan was quoted by the news agency as saying: "It’s high time for Alafco to use its experience in fleet management and to manage others’ fleets to enhance its revenue stream, whether through funds or other investment means."
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By GlobalDataOwned 53.7% by KFH and 11.47% by Kuwait Airways, the company currently operates a fleet of 50 aircraft and intends to double its fleet in coming years.
Established in 1992, Alafco is engaged in operating leases, sale and leaseback of aircraft and aircraft lease management.
