Kuwait – Mubasher: Aviation Lease and Finance Co. (ALAFCO) is proceeding with order deals upon which it bought 117 new aircraft at a total value of $14.9 billion, to be delivered between 2017 and 2021, to increase by 134% its fleet that currently stands at 50 planes, said CEO Ahmed Alzabin.
Speaking during shareholders’ ordinary and extraordinary meetings held Thursday, the top executive added that, at the operational level during the fiscal year ended 30 September, 2015, the company purchased three airplanes with their related lease contracts from Fly Leasing Limited.
Alzabin also announced that Gulf Investment Corporation (GIC) has joined ALAFCO as a strategic partner with KWD 30 million.
He stressed that GIC would give an impetus to ALAFCO to consolidate its status in the aviation sector and achieve its future plans.
According to the CEO, GIC entrance will reduce the equity owned by Kuwait Finance House in ALAFCO to 47% from 53%.
