AviLease Signs MoU with SDH Wings International Leasing Limited
AviLease, a company specializing in aircraft financing and leasing and fully owned by the Public Investment Fund, is rapidly expanding, reported Alyaum. It signed a strategic memorandum of understanding (MoU) with SDH Wings International Leasing Limited. The purpose of this MoU is to supply up to 20 aircraft equipped with new technologies.
Under this agreement, AviLease and SDH Wings collaborated to select the first five narrow-body aircraft from AviLease’s portfolio. These aircraft are now part of a letter of intent.
The agreement was signed during the Chinese-Saudi Investment Conference held in Beijing from December 7 to 12. This coincided with the visit of Investment Minister Khalid al-Falih to the People’s Republic of China and the Hong Kong Special Administrative Region.
The signing is a part of the development of the ongoing strategic partnership between Saudi Arabia and China in economic, investment, and trade areas. It also falls under the Saudi Vision 2030. The vision promotes such strategic partnerships, and the Chinese Belt and Road Initiative that connects Asia with Africa and Europe.
The MoU will facilitate the expansion of the aircraft portfolio owned by SDH Wings. Moreover, it provides an opportunity for the main contributors, (SDIH) and Avilease, to develop new cooperative relationships and partnerships. It also enhances their commitment to the joint project platform they share.
AviLease acquired a 10% stake in SDH Wings in the process of acquiring the aircraft operating and leasing platform of Standard Chartered. The MoU aims to strengthen the robust relations and areas of cooperation between China and Saudi Arabia.
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