Aircraft Orders & Deliveries
Saudi Arabia Advances Aircraft Leasing with AviLease Hassana Partnership
AviLease and Hassana form a strategic partnership to grow Saudi Arabia’s aircraft leasing sector aligned with Vision 2030 goals.
Saudi Arabia’s ambitious Vision 2030 plan aims to diversify its economy and establish the Kingdom as a leading global hub for aviation. In a significant step toward this goal, AviLease, a Public Investment Fund (PIF)-backed aircraft lessor, and Hassana Investment Company, one of the world’s largest pension fund managers, have announced a strategic partnership in aircraft leasing. This joint venture marks a foundational shift, introducing institutional Saudi capital into the aircraft leasing market and supporting the nation’s National Aviation Strategy.
The partnership is not only a milestone for Saudi Arabia’s private sector but also signals the Kingdom’s intent to develop a scalable, sector-focused platform that can attract both domestic and international investors. As the aviation sector undergoes transformation, the collaboration between AviLease and Hassana will likely shape the future of aircraft financing and leasing in the region, aligning closely with Saudi Arabia’s broader economic development and Sustainability objectives.
This article examines the structure, motivations, and broader implications of the AviLease-Hassana partnership, providing context on each company, the evolving Saudi aviation sector, and the global aircraft leasing market. We also explore the potential long-term impacts and future outlook for this landmark joint venture.
The joint venture between Hassana Investment Company and AviLease is designed to leverage the strengths of each partner. Hassana, as the majority stakeholder, brings substantial long-term capital, while AviLease contributes its technical, operational, and industry expertise as the service provider for the new platform. This structure distributes risk and operational responsibilities in a way that is consistent with best practices in institutional investment and asset management.
The partnership’s initial transaction involves the acquisition of a portfolio of 10 modern, fuel-efficient aircraft from AviLease, all leased to Saudi-based airlines. This move not only provides immediate cash flow but also demonstrates a commitment to sustainability and operational efficiency, key trends in the global aviation industry. By focusing on new-technology aircraft, the joint venture aligns with both environmental targets and the commercial needs of Saudi airlines.
Importantly, the venture aims to democratize access to aviation finance for both local and international investors. Traditionally, aircraft leasing has been dominated by a handful of global players with significant expertise and networks. The AviLease-Hassana partnership seeks to open this asset class to a broader base, offering exposure to resilient, long-term cash flows supported by robust sector fundamentals.
“This strategic partnership underscores our commitment to investing in resilient assets that generate sustainable, long-term cash flows supported by strong fundamentals.” — Hani Aljehani, Acting CEO and Chief Investment Officer, Hassana Investment Company
The timing of the partnership coincides with Saudi Arabia’s push to expand its aviation sector, accommodate more passengers, and enhance connectivity as part of Vision 2030. The alignment of institutional capital with sector-focused operational expertise is expected to accelerate progress toward these national goals.
Established in 2022 as a subsidiary of Saudi Arabia’s Public Investment Fund, AviLease has rapidly positioned itself as a significant player in the global aircraft leasing market. The company’s mission is to provide tailored fleet solutions to airlines through leasing, trading, and asset management services. AviLease’s growth strategy is multifaceted, including purchase-and-lease-back deals, portfolio acquisitions, direct manufacturer orders, and potential corporate acquisitions. AviLease’s leadership team features industry veterans with extensive experience at leading global lessors. This expertise has been instrumental in the company’s swift ascent, allowing it to build a diversified portfolio of both narrow-body and wide-body aircraft. The acquisition of Standard Chartered’s aircraft leasing platform was a pivotal moment, adding approximately 120 aircraft to AviLease’s portfolio and expanding its service offering to include jet fuel hedging, debt financing, and remarketing.
In April 2024, AviLease secured a $1.5 billion financing facility and received investment-grade ratings, reflecting strong market confidence in its business model and management. The company is targeting a fleet of around 200 aircraft, which would position it among the world’s leading lessors. AviLease’s international ambitions are clear, with a strategy that extends beyond the domestic Saudi market to global opportunities.
“AviLease’s disciplined investment and operational approach, backed by the PIF, is reshaping the competitive landscape for aircraft leasing in the Middle East and beyond.”
Hassana Investment Company manages over SAR 1.2 trillion (approximately USD 320 billion) in assets, making it one of the ten largest pension fund managers globally. As the investment arm of the General Organization for Social Insurance, Hassana has a mandate to secure retirement pensions for future Saudi generations. This long-term focus naturally aligns with investments in infrastructure and real assets, such as aircraft leasing, which offer stable, predictable cash flows.
Hassana’s investment strategy is diversified, with significant allocations to fixed income, public equity, real estate, infrastructure, private equity, and alternative assets. The company balances regional investments managed directly with international opportunities pursued through partnerships with leading global asset managers. Recent memoranda of understanding with firms like Warburg Pincus and Franklin Templeton reflect Hassana’s commitment to both domestic development and global diversification.
Governance at Hassana adheres to international best practices, with a board that includes former executives from top global pension funds. This ensures robust oversight and strategic alignment with both fiduciary responsibilities and national development objectives. Hassana’s role in the joint venture is not only to provide capital but also to bring institutional discipline and risk management to the rapidly evolving Saudi aviation sector.
“Our scale and expertise enable us to pursue opportunities that align with our mission, generating sustainable returns for the benefit of Saudi society.”
Saudi Arabia’s aviation sector is undergoing a dramatic transformation as part of the Kingdom’s Vision 2030 economic diversification agenda. The National Aviation Strategy targets a tripling of annual passenger capacity to 330 million and aims to connect the Kingdom to over 250 destinations by 2030. Achieving these goals requires massive investment in fleet expansion, airport infrastructure, and operational capabilities.
The strategy encompasses network development, airline expansion, airport upgrades, aviation services, and innovative funding mechanisms. The estimated capital expenditure to realize these ambitions is SAR 365 billion, making it one of the largest sectoral investments in the Kingdom’s history. Aviation’s economic impact is already substantial, contributing $90.6 billion to Saudi GDP in 2023 and supporting 1.4 million jobs, according to the International Air Transport Association.
Airline capacity is being expanded through the launch of new carriers like Riyadh Air and significant fleet Orders from established players such as Saudia Group. Infrastructure projects, including new and upgraded Airports, are underway across the Kingdom. The Red Sea Airport, for example, has been recognized as the region’s first carbon-neutral airport, highlighting the integration of sustainability into the sector’s growth plans. “Saudi Arabia’s aviation sector is a cornerstone of Vision 2030, driving both economic diversification and global connectivity.”
The global aircraft leasing market is valued between $183 billion and $192 billion in 2024, with annual growth projections of 8–11% through 2034. This robust expansion is driven by airlines’ increasing preference for leasing over ownership, which offers operational flexibility and access to modern, fuel-efficient fleets without significant upfront capital outlays.
Operating leases now account for over half of global aircraft financing, reflecting a shift toward asset-light business models in the airline industry. Market concentration among lessors has increased, with the largest firms managing portfolios worth tens of billions of dollars. This trend has created opportunities for new entrants like AviLease, especially those with strong institutional backing.
Regional dynamics show that the Middle East’s aviation sector has grown faster than the global average, yet leasing penetration, especially for single-aisle aircraft, remains below the global norm. As Saudi airlines expand, the demand for leasing solutions is expected to increase, providing a fertile environment for the Hassana-AviLease partnership. Technological innovation, such as AI-driven portfolio management and predictive maintenance, is also reshaping the industry.
“Aircraft leasing is now the backbone of airline fleet strategies worldwide, offering flexibility and financial efficiency in a volatile market.”
The joint venture’s financial structure is tailored to optimize risk and return for both partners. Hassana’s majority stake ensures access to long-term capital, while AviLease’s operational role provides the technical expertise necessary for success in this specialized market. The initial focus on Saudi-based airlines allows the venture to build experience and credibility before potentially expanding into international markets.
The partnership is well-positioned to support Saudi Arabia’s ambitious aviation growth targets by providing tailored financing solutions to airlines and capturing more value within the Kingdom. It also sets a precedent for institutional investors to play a more active role in strategic sectors, reducing reliance on foreign capital and expertise.
Risk management is central to the venture’s approach, with a portfolio focused on new, fuel-efficient aircraft that align with both market demand and regulatory trends. The structure allows for gradual expansion, leveraging the strengths of both partners while maintaining flexibility to adapt to changing market conditions.
“The combination of institutional capital and sector expertise is a model for sustainable growth in capital-intensive industries like aviation.”
The strategic Partnerships between Hassana Investment Company and AviLease is a landmark development for Saudi Arabia’s aviation sector and the broader aircraft leasing industry. By combining institutional capital with operational expertise, the joint venture is poised to support the Kingdom’s aviation ambitions while generating sustainable, long-term returns for pension beneficiaries.
As Saudi Arabia continues to invest in its aviation infrastructure and fleet, the Hassana-AviLease partnership serves as a model for public-private collaboration and sector-focused investment. The venture’s success could influence similar initiatives in other strategic sectors, reinforcing the Kingdom’s position as a global economic and aviation leader. What is the main goal of the AviLease-Hassana partnership? Who are the main stakeholders in the joint venture? How does this partnership align with Vision 2030? What types of aircraft are included in the initial transaction? How significant is Saudi Arabia’s aviation sector to the national economy? Sources:
Saudi Arabia’s Aviation Ambitions Take Flight: AviLease and Hassana Investment Company Form Strategic Partnership in Aircraft Leasing
The Strategic Partnership Framework
AviLease: A New Force in Aircraft Leasing
Hassana Investment Company: Institutional Strength and Long-Term Vision
Saudi Arabia’s Aviation Sector Transformation
Global Aircraft Leasing Market Dynamics
Financial Structure and Strategic Implications
Conclusion
FAQ
The primary goal is to create a scalable aircraft leasing platform that supports the growth of Saudi Arabia’s aviation sector while providing access to aviation finance for both local and international investors.
Hassana Investment Company holds the majority stake and provides the capital, while AviLease serves as the aircraft service provider, offering operational and technical expertise.
The partnership supports Vision 2030 by fostering economic diversification, building domestic capabilities in aviation finance, and supporting the Kingdom’s goal to become a leading global aviation hub.
The initial portfolio consists of 10 modern, fuel-efficient aircraft leased to Saudi-based airlines, reflecting a commitment to sustainability and operational efficiency.
Aviation contributed $90.6 billion to Saudi GDP in 2023 and supported 1.4 million jobs, highlighting its role as both an economic engine and an enabler of broader growth.
AviLease
Photo Credit: AviLease
Aircraft Orders & Deliveries
India to Purchase $80B Boeing Aircraft in $500B US Trade Deal
India plans to buy up to $80 billion in Boeing aircraft within a $500 billion trade pact with the US, including tariff reductions and energy diversification.
This article summarizes reporting by CNBC and Priyanka Salve, alongside official government statements and AirPro News analysis.
In a landmark development for global aviation and trade, India has announced plans to purchase up to $80 billion in Boeing aircraft as part of a broader strategic partnership with the United States. According to reporting by CNBC, India’s Minister of Commerce and Industry, Piyush Goyal, confirmed that New Delhi expects to sign a formal trade deal with the U.S. in March 2026.
The aviation commitment is the centerpiece of a massive $500 billion trade pact intended to span the next five years. While the headline figure for Boeing jets stands between $70 billion and $80 billion, officials indicate that the total value of the aviation sector deal, including engines, MRO services, could exceed $100 billion.
This agreement signals a profound shift in India’s geopolitical and economic strategy, trading market access and energy realignment for relief from punitive U.S. tariffs.
The scale of the reported aircraft purchase underscores India’s position as the fastest-growing aviation market in the world. According to details shared by Minister Goyal and summarized by CNBC, the deal allocates a specific $70–$80 billion tranche for Boeing airframes.
Industry observers note that this figure likely aggregates the value of deliveries from existing record-breaking orders alongside new commitments. Air India, owned by the Tata Group, placed a historic order in 2023 for 470 aircraft (split between Boeing and Airbus) and finalized an additional order for 30 Boeing 737 MAX jets in January 2026. Similarly, Akasa Air holds a substantial order book extending through 2032.
Boeing executives have previously confirmed plans to deliver approximately two aircraft per month to Indian carriers to meet surging travel demand. The inclusion of engines and aftermarket services pushes the total aviation package over the $100 billion mark, cementing the U.S. aerospace giant’s foothold in South Asia.
Contextualizing the Order Book: While the $80 billion figure is staggering, we believe it is crucial to interpret this as a “delivery value” commitment over the five-year pact rather than solely a new purchase agreement for unannounced jets. At current list prices (after standard discounts), $80 billion represents roughly 600 to 800 narrowbody jets or a significant mix of widebodies. Given Boeing’s current backlog constraints, fulfilling $80 billion in entirely new orders within five years would be logistically improbable. It is more likely that the Indian government is guaranteeing the execution and payment of the massive backlogs already held by Air India, Akasa, and potentially SpiceJet, framing these commercial milestones as diplomatic victories. Beyond aviation, the trade deal outlines a reciprocal reduction in trade barriers. The United States has agreed to slash tariffs on Indian imports from 50% to 18%, a move expected to boost Indian exporters. In exchange, India has committed to purchasing $500 billion in American goods and services over five years.
A critical component of the negotiations involves India’s energy procurement. Following the invasion of Ukraine, India became a primary consumer of discounted Russian crude. However, the new trade framework reportedly includes provisions for India to shift away from Russian energy.
U.S. President Donald Trump explicitly claimed that Prime Minister Narendra Modi agreed to stop buying Russian oil. However, the Indian Ministry of External Affairs (MEA) has maintained a more nuanced public stance. MEA spokesperson Randhir Jaiswal emphasized that energy security remains the nation’s “supreme priority,” noting that India would diversify based on commercial viability. This includes potential resumption of imports from Venezuela and increased purchases from the United States.
“Energy security is the supreme priority [for India’s 1.4 billion citizens].”
— Randhir Jaiswal, MEA Spokesperson (via press briefing)
The trade deal has triggered sharp criticism within India. The opposition Congress party has characterized the agreement as a surrender of sovereignty, particularly regarding the pressure to alter energy partners and lower agricultural tariffs.
Opposition leaders Mallikarjun Kharge and Jairam Ramesh have voiced concerns that the influx of U.S. agricultural products could harm local farmers, warning of potential protests similar to those seen in 2021. Minister Goyal has defended the pact, asserting that it protects sensitive sectors like dairy and agriculture while securing essential technology and energy partnerships.
When will the deal be signed? Is the $80 billion for new planes only? What does the U.S. offer in return? Will India stop buying Russian oil?
Breakdown of the $100 Billion Aviation Commitment
Commercial Implications
AirPro News Analysis
The Broader Strategic Trade Pact
The “Russian Oil” Pivot
Domestic Opposition and Political Fallout
Frequently Asked Questions
According to Minister Piyush Goyal, the formal trade agreement is scheduled to be signed in March 2026, following a joint statement expected in early February.
The figure likely represents a mix of new commitments and the value of deliveries from existing massive orders (like Air India’s 2023 deal) scheduled for the next five years.
The U.S. has agreed to reduce tariffs on Indian goods from 50% to 18%, significantly improving market access for Indian exporters.
While the U.S. President claims an agreement is in place, Indian officials state they are diversifying energy sources based on commercial viability and security, without explicitly confirming a total ban.
Sources
Photo Credit: Daily Shipping Times
Aircraft Orders & Deliveries
CDB Aviation Delivers Three Boeing 737-8 Jets to WestJet in 2026
CDB Aviation delivers three Boeing 737-8 aircraft to WestJet, increasing leased jets to 13 and supporting fleet growth for summer 2026.
This article is based on an official press release from CDB Aviation.
On February 5, 2026, CDB Aviation announced the successful delivery of three Boeing 737-8 aircraft to WestJet. According to the official press release from the Irish subsidiary of China Development Bank Financial Leasing Co., Ltd., these deliveries mark the completion of a lease agreement originally announced in January 2024. The addition of these aircraft brings the total number of CDB Aviation-leased jets in the WestJet fleet to 13, reinforcing a strategic partnership that began in 2020.
The newly delivered aircraft are part of WestJet’s broader strategy to modernize its fleet and expand its network capacity for the 2026 summer schedule. By securing these airframes directly from CDB Aviation’s existing order book, WestJet has bypassed some of the manufacturing delays currently affecting the global aviation supply-chain. The airline continues to hold the largest narrowbody order book of any Canadian carrier.
The three Boeing 737-8s (commonly referred to as the MAX 8) were delivered on February 5, 2026. These aircraft were leased directly from CDB Aviation’s order book with Boeing, a mechanism that allows airlines to access capacity more quickly than through direct manufacturer orders in a constrained market.
According to data associated with the delivery, WestJet’s 737-8 fleet is typically configured to seat 174 passengers, split between 12 Premium seats and 162 Economy seats. The aircraft are equipped with satellite-supported Wi-Fi and in-seat power, aligning with the carrier’s focus on passenger connectivity. The 737-8 is powered by CFM LEAP-1B engines, which deliver approximately 15% greater fuel efficiency and a 40% reduction in noise footprint compared to the previous generation 737-800NG.
Both companies highlighted the strength of their ongoing relationship. Luís da Silva, Head of Commercial, Americas at CDB Aviation, emphasized the history between the two entities in a statement included in the release:
“We’ve built a strong partnership with the WestJet team since the inaugural transaction between our companies in 2020. To date, we have financed and leased a total of 13 737-8 aircraft which support this strong and growing Canadian airline.”
Jennifer Bue, Senior Vice President and Treasurer at WestJet, also commented on the significance of the delivery for the airline’s growth trajectory:
“CDB Aviation is a valued partner of WestJet. The relationship enables WestJet to continue our momentum driving our growth strategy.”
This delivery comes at a critical time for WestJet as the airline approaches a total fleet size of nearly 200 aircraft, including its subsidiaries. The additional capacity is slated to support an aggressive network expansion, including new international connections such as Toronto to Medellín, Colombia, and increased frequencies to sun destinations. The Role of Lessors in a Constrained Supply Chain
The delivery of these three aircraft highlights a vital trend in the 2026 aviation market: the increasing reliance on lessors to bridge the gap caused by OEM production delays. While manufacturers work to clear backlogs, lessors like CDB Aviation, who hold significant positions in the delivery queue, are becoming essential partners for airlines needing immediate lift. For WestJet, leasing directly from CDB’s order book allows them to circumvent the long wait times associated with direct orders, ensuring they can capitalize on the projected travel demand for the summer 2026 season. This transaction underscores that in the current climate, access to delivery slots is just as valuable as capital.
How many aircraft does CDB Aviation lease to WestJet? What is the primary benefit of the Boeing 737-8 for WestJet? When was this deal originally agreed upon?
CDB Aviation Delivers Three Boeing 737-8 Aircraft to WestJet
Transaction Details and Fleet Configuration
Aircraft Specifications
Executive Commentary
Strategic Implications for 2026
AirPro News analysis
Frequently Asked Questions
With the delivery of these three aircraft on February 5, 2026, CDB Aviation now leases a total of 13 Boeing 737-8 aircraft to WestJet.
The 737-8 offers significantly improved fuel efficiency (approximately 15% better than the 737NG) and a longer range (approx. 3,550 nm), allowing WestJet to operate routes like Western Canada to Europe or Toronto to South America more economically.
The lease agreement for these specific aircraft was originally announced on January 23, 2024.
Sources
Photo Credit: CDB Aviation
Aircraft Orders & Deliveries
De Havilland Canada Delivers Refurbished Dash 8-400 to TrueNoord
De Havilland Canada delivers an OEM refurbished Dash 8-400 to TrueNoord, leased to Nexus Airlines for regional routes in Western Australia.
This article is based on an official press release from De Havilland Canada.
On February 4, 2026, De Havilland Aircraft of Canada (DHC) announced the delivery of an OEM Refurbished Dash 8-400 to the specialist regional aircraft lessor TrueNoord. According to the company’s official statement, the aircraft is immediately being leased to Nexus Airlines, a regional carrier based in Western Australia.
This delivery underscores the growing importance of DHC’s OEM Certified Refurbishment Program. With the production of new Dash 8-400 commercial-aircraft currently paused, this program serves as a critical pipeline for operators seeking “like-new” turboprops to meet regional connectivity demands. The transaction, originally announced in September 2025, has now reached completion with the handover of the airframe.
The newly delivered aircraft will join the fleet of Nexus Airlines, a carrier launched in 2023 that serves remote and regional communities. Nexus currently holds an exclusive contract with the Western Australian Government to operate the Inter-Regional Flight Network (IRFN), connecting hubs such as Geraldton, Karratha, Port Hedland, and Broome.
In the press release, Nexus Airlines leadership emphasized that the acquisition aligns with their strategy to reinforce essential air services.
“This acquisition marks an important milestone in our fleet strategy… we are strengthening our commitment to providing reliable, community-focused air services in Western Australia.”
, Michael McConachy, Managing Director, Nexus Airlines
The Dash 8-400 is particularly well-suited for the vast distances of Western Australia, offering higher speeds and longer range compared to competitor turboprops. This capability allows Nexus to maintain efficient schedules across routes that often exceed 1,000 miles.
As the manufacturer evaluates a potential restart of the Dash 8 production line, the OEM Certified Refurbishment Program has become a primary vehicle for maintaining fleet relevance. Through this program, DHC acquires used airframes and upgrades them to current operational standards. These upgrades often include avionics modernization, cabin refurbishments, and life-extension works that can significantly prolong the airframe’s operational cycles. Ryan DeBrusk, Vice President of Sales & Marketing at De Havilland Canada, highlighted the program’s value proposition in the official release:
“Our OEM Refurbished Program delivers high-quality aircraft designed to meet the needs of growing regional operations, while providing exceptional value, performance, and reliability.”
, Ryan DeBrusk, VP Sales & Marketing, De Havilland Canada
For lessors like TrueNoord, the program offers a way to supply clients with reliable assets that carry manufacturer backing, mitigating the risks typically associated with older used inventory.
TrueNoord, a specialist lessor focused on the 50–150 seat regional aircraft market, continues to expand its portfolio of Dash 8-400s. This delivery follows their acquisition of a batch of aircraft from Nordic Aviation Capital in late 2023. By utilizing the refurbishment program, TrueNoord ensures that its assets remain competitive and reliable for operators in challenging environments like Australia and Africa.
Carst Lindeboom, Director Asia Pacific for TrueNoord, noted the confidence the lessor places in the manufacturer-led refurbishment:
“The OEM Refurbished Program ensures delivery of a Dash 8-400 that is both reliable and versatile, and we are confident it will enable our customer to deliver vital air services with confidence.”
, Carst Lindeboom, Director Asia Pacific, TrueNoord
The Bridge to Future Production
We observe that this delivery highlights a significant trend in the regional aviation sector: the “tightness” of the high-quality turboprop market. With no new Dash 8s rolling off the line since 2022 and a backlog for competitor aircraft like the ATR 72, operators are increasingly reliant on refurbishment programs to source capacity. While DHC has indicated that a decision regarding the restart of production (potentially in Alberta) could be made around the 2025/2026 timeframe, the Refurbishment Program effectively bridges the gap. It allows the OEM to maintain a commercial relationship with operators and lessors while preserving the asset value of the existing global fleet. For Nexus Airlines, securing a factory-refurbished unit provides operational certainty in a market where spare parts and reliable airframes are becoming premium commodities.
De Havilland Canada Delivers OEM Refurbished Dash 8-400 to TrueNoord for Nexus Airlines
Strengthening Regional Connectivity in Western Australia
The Role of the OEM Certified Refurbishment Program
Lessor Strategy and Market Context
AirPro News Analysis
Sources
Photo Credit: De Havilland
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