Kuwait Airways intends to lease eight Airbus passenger jets in the next decade, according to statements made by Chairman Ali Aldokhan on Sunday. The state-owned airline is currently reviewing proposals from leasing companies, and the rental term for the leased aircraft, all Airbus 321 neo planes, will range from eight to ten years.
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In addition to Kuwait Airways' multi-billion dollar agreement with Airbus in 2022 to buy 31 planes, 18 of which have already been received, the plan to lease eight planes is underway. Despite the fact that airlines worldwide were severely affected by the COVID-19 pandemic, many Gulf carriers have experienced a rapid increase in demand and are important players in their governments' efforts to diversify their economies into areas such as tourism.
The cost of jet fuel for Kuwait Airways has risen by 38% year on year since the start of 2023, according to Aldokhan. At the same press conference, CEO Maen Razouqi stated that Kuwait Airways is currently in talks with Kuwait Petroleum Corporation about a discount mechanism to reduce the airline's jet fuel costs.
Currently, Kuwait Airways operates a mixed fleet of 32 aircraft, including 22 Airbus jets and 10 Boeing jets. The average fleet age is 5.6 years.