AviLease, the aircraft leasing company backed by Saudi Arabia’s Public Investment Fund (PIF), has signed a memorandum of understanding with Turkish Airlines to provide eight Airbus A320neo aircraft under long-term contracts, the company announced on Monday.
Two of the aircraft have already been delivered, with the remaining six scheduled to arrive in phases throughout 2025, according to the press statement.
The agreement marks another milestone for AviLease, which was launched by PIF in 2022 to tap into high-growth sectors and accelerate the Kingdom’s economic diversification, particularly through non-oil GDP expansion. The company’s emergence is also a strategic component of Vision 2030, Saudi Arabia’s national roadmap to transform into a global aviation hub.
“We thank the Turkish Airlines team for their partnership, and we are delighted to further strengthen our relationship,” said AviLease CEO Edward O’Byrne. “These aircraft will support Turkish Airlines’ growth plans while contributing to their fleet modernization strategy and sustainability goals.”
AviLease’s fleet now comprises 200 owned and managed aircraft, including purchase commitments, and is leased to 48 different airlines. The company has been expanding aggressively, having recently delivered three Airbus A320neo aircraft in March to SDH Wings — a joint venture between AviLease and China’s sovereign wealth fund, in which Saudi Arabia holds a 10% stake.
Earlier this year, AviLease also invested in talent development through a specialized Aviation Financing Course delivered to more than 150 professionals. The initiative, conducted in partnership with Prince Sultan University and Riyad Bank, was designed to equip Saudi talent with the skills needed to lead the aviation finance sector both domestically and globally.
The company has reiterated its commitment to supporting Vision 2030 by fostering local economic opportunities and generating both direct and indirect employment for Saudi nationals within the aviation and finance ecosystems.
