finance company Aref Investment Group is to acquire
five Airbus A320s from the Gulf state’s Aviation Lease and Finance Company
Aref has established a subsidiary, Aref
Logistics, which plans to use the aircraft to transport passengers for Saudi
Arabian pilgrimage and arrange charter flights for the Bangladeshi labour
has disclosed the transaction today in a statement to the Kuwaiti stock
values the deal at $325 million but says it is “difficult to calculate the expected
profit” from the agreement.
says the twin-jets will be transferred in 2009. It says Aref
is the second Kuwaiti company, after Kuwait National Airlines, to enter a
contract with the lessor.
for aircraft on lease is increasing all over the world,” it adds. “We have the
ability to meet the narrowbody and widebody aircraft requirements of major airlines with
attractive delivery positions.”