Saudi Arabian lessor AviLease has signed a strategic agreement with Chinese overseas investment firm Sichuan Development International Holding, covering the supply of up to 20 aircraft.
AviLease says it reached the agreement – a memorandum of understanding – with the company’s subsidiary SDH Wings International Leasing, based in Dublin.
The Saudi lessor states that it has identified the first five narrowbody aircraft from its portfolio to be covered through the agreement. It has not disclosed the types involved.
SDH Wings is part-owned by the aircraft leasing platform of Standard Chartered, which was acquired by AviLease earlier this year in a $3.6 billion deal.
As a result, AviLease, became a 10% stakeholder in SDH Wings.
Riyadh-based AviLease says the strategic agreement with SDH marks a “strengthening” of its relationship with Sichuan Development International Holding.
AviLease emerged around a year-and-a-half ago, but has rapidly expanded to oversee a fleet of more than 160 aircraft.