Riyadh [Saudi Arabia], July 1: Saudi Arabia announced on Thursday the founding of an aircraft leasing company named AviLease, as a way to diversify the kingdom's oil-reliant economy, the Saudi Press Agency reported.
Sponsored by the Public Investment Fund (PIF), a sovereign wealth fund of Saudi Arabia, AviLease will focus on growing through purchase-and-leaseback deals with airlines, portfolio acquisitions, and direct orders from aircraft manufacturers, as well as considering corporate acquisitions as a means of expansion.
The launch of AviLease underlines PIF's goal to tap the potential of promising local industries in order to advance economic diversification and contribute to non-oil GDP growth.
The PIF has established 54 companies in various sectors since 2017.
Source: Xinhua