- AviLease acquired minority shareholding in SDH Wings after recent purchase of the aircraft leasing platform of Standard Chartered
- MoU will see AviLease supply up to 20 aircraft, predominantly new technology, narrowbodies to SDH Wings.
RIYADH: AviLease, the rising global aircraft lessor wholly owned by PIF, Saudi Arabia’s sovereign wealth fund, has signed a strategic MOU with SDH Wings International Leasing Limited for the supply of up to 20 predominantly new technology aircraft. As part of this agreement, AviLease and SDH Wings have already identified the first 5 new technology narrowbody aircraft from AviLease’s owned portfolio that are now under LOI.
The MOU will facilitate the expansion of the portfolio of aircraft owned by SDH Wings, while allowing both majority shareholder Sichuan Development International Holdings (SDIH) and AviLease to develop and strengthen their new relationship and their commitment to their joint venture platform. AviLease acquired a 10% share of SDH Wings as part of the recently completed acquisition of the aircraft leasing platform of Standard Chartered.
The MoU also aims to enhance the strong relations and cooperation between China and the Kingdom of Saudi Arabia and seeks to find collaborative ways to work closely for the benefit of both economies.
Under the terms of the MOU, AviLease will propose to SDH Wings different portfolios of primarily new technology narrowbody aircraft from the AviLease-owned portfolio and future acquisition pipeline.
Edward O’Byrne, CEO AviLease, said: “We are delighted to have this opportunity to work more closely with SDH Wings and our joint venture partner SDIH. We consider there to be vast untapped potential in the Asian aviation industry and hope to leverage our close relationship with SDH Wings to access new markets as part of our growth strategy.”
