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Kuwait's Alafco acquires nine aircraft from GE unit

KUWAIT, August 15, 2016

Kuwait-based Aviation Lease and Finance Company (Alafco) has acquired nine aircraft from GE Capital Aviation Services (Gecas), the commercial aircraft leasing and financing arm of GE, said a report.

The portfolio includes Airbus and Boeing carriers already on long-term lease to well-established airlines in Asia, with three of the airlines joining Alafco as new customers, said a report in Kuwait News Agency (KUNA).

Alafco said in a statement that it is keen on serving the needs of its new customers Lion Air, Juneyao Airlines and Citilink, as well as expanding its existing relationship with Nok Air.

The acquisition is in line with the group's growth strategy, which includes acquisiton of aircraft with lease attached from other lessors, as well as sale and leaseback transactions with airlines. Additionally, Alafco has contracted with Boeing and Airbus for 117 new technology aircraft to be delivered between 2017 and 2021. Alafco aims to have a fleet of more than 100 aircraft by 2021.

Last month, the company announced the upsizing of an order from Airbus of 10 A320neos to A321neos. The contract was signed at Farnborough International Airshow and is part of an overall agreement signed in 2012 for 85 A320neos, the company said in a statement.
 




Tags: airbus | Kuwait | Boeing | Alafco | aircraft | acquire |

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