Avolon, a leading global aviation finance company, has completed the delivery of 5 new Airbus A320neos to Middle Eastern low-cost carrier, Flynas. The fifth aircraft departed from Airbus’s delivery centre in Toulouse today, completing a sale and leaseback transaction for the aircraft agreed in May 2022.
The A320neo is the world’s best-selling short and medium haul aircraft type, delivering 15% lower fuel burn and CO2 emission savings than previous technology aircraft. Avolon now has 11 aircraft on lease to Flynas, consisting of 6 A320neos, 3 A320ceos, and 2 A330-300s.
The recent deliveries take Flynas’s fleet to 54 aircraft, including 45 A320neos. They will support Flynas’s growing operations, which currently include over 1,500 flights per week to more than 70 destinations.
Paul Geaney, President and Chief Commercial Officer at Avolon, commented: “This transaction with Flynas expands our relationship with one of the Middle East’s fastest growing airlines. We are seeing a high level of sale and leaseback opportunities in the market, and we are benefiting from our ability to execute at scale. The leasing industry is enjoying continued high demand from customers which we expect to be the case for the foreseeable future.”
About Avolon
Avolon is a leading global aviation finance company connecting capital with customers to drive the transformation of aviation and the economic and social benefits of global travel. We pride ourselves on our deep customer relationships, our collaborative team approach, and our fast execution. We invest with a long-term perspective, diversifying risk and managing capital efficiently to maintain our strong balance sheet. Working with 147 airlines in 65 countries, Avolon has an owned, managed, and committed fleet of 897 aircraft, as of 30 September 2023. www.avolon.aero
About flynas
Flynas, the Saudi air carrier and the leading low-cost airline in the Middle East with 54 aircraft, operating more than 1500 weekly flights to more than 70 destinations. Since its launch in 2007, Flynas has transported more than 60 million passengers. Recently in 2023, Flynas has been ranked as the world’s 4th best Low-Cost airline and crowned as the best in the Middle East for the sixth time in a row since 2017 as per the prestigious Skytrax which is the most important global forum for the Aviation Industry. Flynas has also earned several accolades, including the Middle East’s Leading Low-Cost Airline award from the World Travel Awards for nine consecutive years (from 2015 to 2023) as well as it was ranked in the 4-star low-cost carrier category, the highest category of the low-cost airline in the world by APEX rating. www.flynas.com
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