Delivery of the leased aircraft, which will be on 12-year terms, will take place in 2012. The purchased jets will be introduced in 2014-15.
In a statement to the Kuwaiti stock exchange confirming the plan, ALAFCO says the overall value of the deal is $1.6 billion.
Saudi Arabian Airlines told Flight earlier this month that it was acquiring the 12 787s as part of a fleet renewal which will also include eight Airbus A330s and up to 50 A320s.
It has not given an engine selection for the 787s. ALAFCO has 22 787s on order – all of which are the 787-8 version – to be fitted with General Electric GEnx powerplants.
Saudi Arabian Airlines has also recently agreed to lease five A320s from ALAFCO.
Source: Air Transport Intelligence news