Saudi Arabia's aviation major Saudia Group has signed a sale and leaseback agreement with AviLease which is owned by the kingdom’s sovereign wealth fund, the Public Investment Fund.
Under the agreement, AviLease will deliver 20 Airbus A320neo aircraft to Saudia that will be operated on long-term leases by its low-cost carrier flyadeal.
“This sale and leaseback agreement with AviLease is an important deal for both companies, and an important step towards the realisation of the Saudi Aviation Strategy,” Ibrahim Al-Omar, Saudia’s director general, said.
“In the few months since it was launched, AviLease has already established itself as a key enabler of the kingdom’s aviation sector development.”
The country's Saudi Aviation Strategy calls for tripling annual passenger traffic to 330 million by 2030, boosting the number of destinations to 250 from 99 at present and establishing a new flag carrier.
This strategy is backed by $100 billion in investments from the government and private sector.
Founded in June, Riyadh-based AviLease is an aviation financing and leasing firm investing in the latest generation aircraft through purchase and leaseback transactions, secondary portfolio and direct orders from aircraft manufacturers.
The latest agreement will take AviLease’s portfolio to 32 aircraft. The new aircraft will join flyadeal’s existing all-Airbus fleet — comprising 20 Airbus A320 aircraft — and operate across its domestic and international network.
“Our partnership further cements AviLease’s strong portfolio within Saudi Arabia by delivering next-generation aircraft solutions to locally-based operators from the world's leading manufacturers,” AviLease's chairman Fahad Al-Saif said.
Saudia Group, which is one of the largest aviation conglomerates in the Middle East and North Africa, has played a key role in developing the industry through its 12 subsidiaries and strategic business units. Its flagship entity Saudi Arabian Airlines is the national airline.
“This deal significantly boosts our fast-growing portfolio of cutting-edge, fuel-efficient aircraft, on long-term leases with quality airlines,” Edward O’Byrne, chief executive of AviLease, said.
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Dubai works towards better air quality by 2021
Dubai is on a mission to record good air quality for 90 per cent of the year – up from 86 per cent annually today – by 2021.
The municipality plans to have seven mobile air-monitoring stations by 2020 to capture more accurate data in hourly and daily trends of pollution.
These will be on the Palm Jumeirah, Al Qusais, Muhaisnah, Rashidiyah, Al Wasl, Al Quoz and Dubai Investment Park.
“It will allow real-time responding for emergency cases,” said Khaldoon Al Daraji, first environment safety officer at the municipality.
“We’re in a good position except for the cases that are out of our hands, such as sandstorms.
“Sandstorms are our main concern because the UAE is just a receiver.
“The hotspots are Iran, Saudi Arabia and southern Iraq, but we’re working hard with the region to reduce the cycle of sandstorm generation.”
Mr Al Daraji said monitoring as it stood covered 47 per cent of Dubai.
There are 12 fixed stations in the emirate, but Dubai also receives information from monitors belonging to other entities.
“There are 25 stations in total,” Mr Al Daraji said.
“We added new technology and equipment used for the first time for the detection of heavy metals.
“A hundred parameters can be detected but we want to expand it to make sure that the data captured can allow a baseline study in some areas to ensure they are well positioned.”
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
THE BIO
Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13
Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier
Favourite place to travel to: Any walkable city. I also love nature and wildlife
What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents.
Favorite place to go in the UAE: A quiet beach.
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What is Diwali?
The Hindu festival is at once a celebration of the autumn harvest and the triumph of good over evil, as outlined in the Ramayana.
According to the Sanskrit epic, penned by the sage Valmiki, Diwali marks the time that the exiled king Rama – a mortal with superhuman powers – returned home to the city of Ayodhya with his wife Sita and brother Lakshman, after vanquishing the 10-headed demon Ravana and conquering his kingdom of Lanka. The people of Ayodhya are believed to have lit thousands of earthen lamps to illuminate the city and to guide the royal family home.
In its current iteration, Diwali is celebrated with a puja to welcome the goodness of prosperity Lakshmi (an incarnation of Sita) into the home, which is decorated with diyas (oil lamps) or fairy lights and rangoli designs with coloured powder. Fireworks light up the sky in some parts of the word, and sweetmeats are made (or bought) by most households. It is customary to get new clothes stitched, and visit friends and family to exchange gifts and greetings.
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Our legal advisor
Ahmad El Sayed is Senior Associate at Charles Russell Speechlys, a law firm headquartered in London with offices in the UK, Europe, the Middle East and Hong Kong.
Experience: Commercial litigator who has assisted clients with overseas judgments before UAE courts. His specialties are cases related to banking, real estate, shareholder disputes, company liquidations and criminal matters as well as employment related litigation.
Education: Sagesse University, Beirut, Lebanon, in 2005.
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