• | 10:30 am

Saudi wealth fund PIF launches new aircraft leasing company

PIF says its assets under management had reached approximately $620 billion.

[Source photo: Anvita Gupta/Fast Company Middle East]

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), has made it into the aircraft industry by launching an aircraft leasing company AviLease that will focus on leasing, trading, and asset management services.

According to a company statement, PIF has said AviLease would initially focus on scaling through purchase-and-lease-back transactions with airlines, portfolio acquisitions, and direct orders from aircraft manufacturers.

AviLease’s fleet will consist of narrow-body and wide-body aircraft developed by leading manufacturers. It will also look into expansions through corporate acquisitions.

“As a PIF fully owned company, PIF’s ample liquidity and strong balance sheet, combined with its depth of financing and investment-structuring expertise, will help the company leverage the opportunity in the aircraft leasing market,” according to the company statement.

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One of the largest sovereign wealth funds in the world, PIF has a whopping $620 billion worth of assets under management (AUM) as of the end of Q1 2022 across a diversified portfolio spanning 13 strategic sectors in Saudi Arabia and globally.

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