AviLease, a plane lessor and financier backed by Saudi Arabia's sovereign wealth fund, expects to expand its fleet to about 300 by end of the decade as it aims to become one of the world's top-10 leasing companies.
The wholly owned subsidiary of the Public Investment Fund is engaged in leasing and financing talks with airlines and potential clients, chief executive Edward O'Byrne told The National on the sidelines of the Arab Aviation Summit in Ras Al Khaimah.
It expects to announce a few transactions before the end of this year.
“We are planning to be [in the] top 10 by the end of the decade, with 250 to 300 aircraft,” Mr O'Byrne said.
“There’s no hard number, there's no specific volume commitment", as AviLease wants to attain a scale that will allow it to lower its funding cost, he said.
To build its fleet, AviLease is looking at “tried and tested” narrow-body and wide-body aircraft “just to reflect the global fleet”, Mr O'Byrne said.
The company has 32 planes on order, of which it has already received four, with one more expected soon.
The lessor signed its first deal with Riyadh-based discount airline Flynas last year for the purchase of 12 new Airbus A320neo jets.
Under the agreement, AviLease will buy the aircraft, which will be delivered in 2022 and 2023, and lease them back to Flynas, it said at the time.
In November, the company signed a similar agreement with national airline Saudia to deliver 20 Airbus A320neo aircraft that will be operated on long-term leases by the group’s budget airline flyadeal.
Saudi Arabia aims to attract more tourists and develop the aviation sector, increasing its contribution to non-oil gross domestic product, as part of its Vision 2030 economic diversification agenda.
The Saudi Aviation Strategy calls for measures to triple annual passenger traffic to 330 million by 2030 and boost the number of destinations to 250, from 99 at present.
This strategy is backed by $100 billion in government and private sector investment.
Earlier this week, airlines in Saudi Arabia said they would buy up to 78 Boeing 787 Dreamliner jets, with an option to purchase another 43 in a deal worth $37 billion.
The kingdom's new airline, Riyadh Air, which was launched by the PIF, will purchase 39 Boeing 787-9s, with an option to buy an additional 33.
Saudia will buy 39 wide-body 787-9 and 787-10 Dreamliner jets, with the option to purchase 10 additional aircraft.
It is the fifth-largest commercial order by value in Boeing’s history. The first deliveries are scheduled for early 2025.
AviLease, which was founded in June 2022 and has its headquarters in Riyadh, is part of the PIF’s efforts to further boost the kingdom’s aviation sector.
The company, which focuses on leasing, trading and asset management services, intends to source deals in both domestic and international markets, as it is “not limited by geographies”.
“In terms of carriers, we're going to be global. You should expect us to have international customers by the end of the year,” Mr O'Byrne said.
“We are growing fast. We have momentum.”
AviLease is not constrained by the availability of funds for investment and is “well positioned from a capital structure standpoint”, he said.
The company is also looking to invest capital through secondary market transactions, acquiring aircraft portfolios and through mergers and acquisitions, as “another avenue of growth”, Mr O'Byrne said.
Although AviLease has the mandate to support the growth of aviation ecosystem in the Arab world’s biggest economy, its aspirations to develop a global clientele reflect the need to diversify its portfolio and cash flows, and eventually attain investment grade rating.
“If you are concentrated in one country, it is difficult to get the IG rating,” Mr O'Byrne said.
The company, which started operations nine months ago, is already in talks with investment banks to help it put in place processes that are required to attain the credit rating, he said.
Villains
Queens of the Stone Age
Matador
Results:
5pm: Maiden (PA) Dh80,000 2,200m | Winner: AF Al Montaqem, Bernardo Pinheiro (jockey), Ernst Oertel (trainer)
5.30pm: Maiden (PA) Dh80,000 1,200m | Winner: Daber W’Rsan, Connor Beasley, Jaci Wickham
6pm: Handicap (PA) Dh85,000 1,600m | Winner: Bainoona, Fabrice Veron, Eric Lemartinel
6.30pm: Handicap (PA) Dh80,000 1,600m | Winner: AF Makerah, Antonio Fresu, Ernst Oertel
7pm: Wathba Stallions Cup Handicap (PA) Dh70,000 | Winner: AF Motaghatres, Antonio Fresu, Ernst Oertel
7.30pm: Handicap (TB) Dh90,000 1,600m | Winner: Tafakhor, Ronan Whelan, Ali Rashid Al Raihe
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Frankenstein in Baghdad
Ahmed Saadawi
Penguin Press
UAE currency: the story behind the money in your pockets
HAJJAN
%3Cp%3EDirector%3A%20Abu%20Bakr%20Shawky%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3EStarring%3A%20Omar%20Alatawi%2C%20Tulin%20Essam%2C%20Ibrahim%20Al-Hasawi%C2%A0%3C%2Fp%3E%0A%3Cp%3E%3Cbr%3ERating%3A%204%2F5%3C%2Fp%3E%0A
Low turnout
Two months before the first round on April 10, the appetite of voters for the election is low.
Mathieu Gallard, account manager with Ipsos, which conducted the most recent poll, said current forecasts suggested only two-thirds were "very likely" to vote in the first round, compared with a 78 per cent turnout in the 2017 presidential elections.
"It depends on how interesting the campaign is on their main concerns," he told The National. "Just now, it's hard to say who, between Macron and the candidates of the right, would be most affected by a low turnout."
England 12-man squad for second Test
v West Indies which starts Thursday: Rory Burns, Joe Denly, Jonny Bairstow, Joe Root (captain), Jos Buttler, Ben Stokes, Moeen Ali, Ben Foakes, Sam Curran, Stuart Broad, Jimmy Anderson, Jack Leach
'The worst thing you can eat'
Trans fat is typically found in fried and baked goods, but you may be consuming more than you think.
Powdered coffee creamer, microwave popcorn and virtually anything processed with a crust is likely to contain it, as this guide from Mayo Clinic outlines:
Baked goods - Most cakes, cookies, pie crusts and crackers contain shortening, which is usually made from partially hydrogenated vegetable oil. Ready-made frosting is another source of trans fat.
Snacks - Potato, corn and tortilla chips often contain trans fat. And while popcorn can be a healthy snack, many types of packaged or microwave popcorn use trans fat to help cook or flavour the popcorn.
Fried food - Foods that require deep frying — french fries, doughnuts and fried chicken — can contain trans fat from the oil used in the cooking process.
Refrigerator dough - Products such as canned biscuits and cinnamon rolls often contain trans fat, as do frozen pizza crusts.
Creamer and margarine - Nondairy coffee creamer and stick margarines also may contain partially hydrogenated vegetable oils.
Results
2.30pm: Dubai Creek Tower – Handicap (PA) Dh40,000 (Dirt) 1,200m; Winner: Marmara Xm, Gary Sanchez (jockey), Abdelkhir Adam (trainer)
3pm: Al Yasmeen – Maiden (PA) Dh40,000 (D) 1,700m; Winner: AS Hajez, Jesus Rosales, Khalifa Al Neyadi
3.30pm: Al Ferdous – Maiden (PA) Dh40,000 (D) 1,700m; Winner: Soukainah, Sebastien Martino, Jean-Claude Pecout
4pm: The Crown Prince Of Sharjah – Prestige (PA) Dh200,000 (D) 1,200m; Winner: AF Thayer, Ray Dawson, Ernst Oertel
4.30pm: Sheikh Ahmed bin Rashid Al Maktoum Cup – Handicap (TB) Dh200,000 (D) 2,000m; Winner: George Villiers, Antonio Fresu, Bhupat Seemar
5pm: Palma Spring – Handicap (PA) Dh40,000 (D) 2,000m; Winner: Es Abu Mousa, Antonio Fresu, Abubakar Daud
Washmen Profile
Date Started: May 2015
Founders: Rami Shaar and Jad Halaoui
Based: Dubai, UAE
Sector: Laundry
Employees: 170
Funding: about $8m
Funders: Addventure, B&Y Partners, Clara Ventures, Cedar Mundi Partners, Henkel Ventures
Defending champions
World Series: South Africa
Women’s World Series: Australia
Gulf Men’s League: Dubai Exiles
Gulf Men’s Social: Mediclinic Barrelhouse Warriors
Gulf Vets: Jebel Ali Dragons Veterans
Gulf Women: Dubai Sports City Eagles
Gulf Under 19: British School Al Khubairat
Gulf Under 19 Girls: Dubai Exiles
UAE National Schools: Al Safa School
International Invitational: Speranza 22
International Vets: Joining Jack
Profile Box
Company/date started: 2015
Founder/CEO: Mohammed Toraif
Based: Manama, Bahrain
Sector: Sales, Technology, Conservation
Size: (employees/revenue) 4/ 5,000 downloads
Stage: 1 ($100,000)
Investors: Two first-round investors including, 500 Startups, Fawaz Al Gosaibi Holding (Saudi Arabia)
2017%20RESULTS%3A%20FRENCH%20VOTERS%20IN%20UK
%3Cp%3E%3Cstrong%3EFirst%20round%3C%2Fstrong%3E%3Cbr%3EEmmanuel%20Macron%3A%2051.1%25%3Cbr%3EFrancois%20Fillon%3A%2024.2%25%3Cbr%3EJean-Luc%20Melenchon%3A%2011.8%25%3Cbr%3EBenoit%20Hamon%3A%207.0%25%3Cbr%3EMarine%20Le%20Pen%3A%202.9%25%3Cbr%3E%3Cbr%3E%3Cstrong%3ESecond%20round%3C%2Fstrong%3E%3Cbr%3EEmmanuel%20Macron%3A%2095.1%25%3Cbr%3EMarine%20Le%20Pen%3A%204.9%25%26nbsp%3B%3C%2Fp%3E%0A
It's Monty Python's Crashing Rocket Circus
To the theme tune of the famous zany British comedy TV show, SpaceX has shown exactly what can go wrong when you try to land a rocket.
The two minute video posted on YouTube is a compilation of crashes and explosion as the company, created by billionaire Elon Musk, refined the technique of reusable space flight.
SpaceX is able to land its rockets on land once they have completed the first stage of their mission, and is able to resuse them multiple times - a first for space flight.
But as the video, How Not to Land an Orbital Rocket Booster, demonstrates, it was a case if you fail, try and try again.
