Avolon, a leading global aviation finance company, has completed the delivery of five new Airbus A320neos to Flynas, a Middle Eastern low-cost carrier. The fifth aircraft departed from Airbus's delivery center in Toulouse on November 7, marking the completion of a sale and leaseback transaction that the airline and Avolon agreed upon in May 2022.
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Flynas, based in Riyadh King Khalid International Airport (RUH) in Saudi Arabia, has significantly increased its A320neo fleet size, growing from 28 at the end of 2022 to 45 currently. In October alone, the Middle Eastern carrier added five new A320neos. As of November 2023, Flynas' fleet is composed of 54 aircraft, including 45 A320neos.
The recent deliveries will support Flynas's growing operations, which currently include over 1,500 flights per week to more than 70 destinations. Flynas aims to expand its network to 165 destinations in the coming years as part of Saudi Arabia's economic diversification plan, Saudi Vision 2030. Paul Geaney, President and Chief Commercial Officer at Avolon, commented on the transaction, stating, "This transaction with Flynas expands our relationship with one of the Middle East’s fastest-growing airlines. We are seeing a high level of sale and leaseback opportunities in the market, and we are benefiting from our ability to execute at scale. The leasing industry is enjoying continued high demand from customers which we expect to be the case for the foreseeable future".
The A320neo is the world's best-selling short and medium-haul aircraft type, delivering 15% lower fuel burn and CO2 emission savings than previous technology aircraft. Avolon now has 11 aircraft on lease to Flynas, consisting of 6 A320neos, 3 A320ceos, and 2 A330-300s. The delivery of these aircraft underscores Avolon's commitment to supporting Flynas's growth and the broader aviation industry. It also highlights the robust demand for the A320neo, a fuel-efficient and environmentally friendly aircraft that is increasingly becoming the aircraft of choice for airlines worldwide.
