This article is based on an official press release from BlueFive Capital.

BlueFive Capital Launches Aircraft Leasing Platform in Oman, Targets $1 Billion Fund

BlueFive Capital, a global alternative investment firm, has officially announced the launch of BlueFive Leasing, a new dedicated aircraft leasing and asset management platform headquartered in Muscat, Oman. The initiative marks a significant expansion for the firm, which is led by former Investcorp Co-CEO Hazem Ben-Gacem.

According to the company’s announcement, the new venture is established through a strategic partnership with a major Omani sovereign institution. To fuel its operations, BlueFive Leasing has commenced fundraising for BlueFive Wings Fund I, an investment vehicle targeting more than $1.0 billion in capital commitments to acquire commercial aircraft assets.

Strategic Expansion into Aviation Finance

BlueFive Leasing aims to capitalize on the robust demand for air travel across the Middle-East, Asia, and Africa. By establishing its headquarters in Muscat, the platform aligns with broader regional goals to develop local financial markets and diversify economic activities.

The platform’s mandate is broad, covering the full age spectrum of commercial-aircraft. According to the press release, the company plans to build a portfolio containing a mix of:

• Narrow-body aircraft: Serving high-frequency short-to-medium haul routes.
• Wide-body aircraft: Catering to long-haul international travel.

This flexible approach allows BlueFive Leasing to offer competitive solutions to established airlines globally, particularly those modernizing fleets or expanding routes in high-growth emerging markets.

“The launch of BlueFive Leasing reflects our strategic ambition to diversify regional investment portfolios and provide a new source of aviation capital from the GCC.”

, Hazem Ben-Gacem, Founder & CEO of BlueFive Capital

Leadership and Capital Growth

The launch of the leasing platform follows a period of rapid growth for BlueFive Capital. Founded in late 2024, the firm has quickly scaled its operations. Following the recent close of its $3 billion Onyx Fund I, which focuses on technology investments in the U.S. and Europe, BlueFive Capital now reports approximately $7.4 billion in assets under management (AUM).

Hazem Ben-Gacem, who brings three years of leadership experience from Investcorp, serves as the driving force behind the firm. While specific executive appointments for the leasing arm’s day-to-day management have not yet been detailed, the company states it has assembled an expert management team with deep experience in aviation finance.

AirPro News Analysis

The establishment of BlueFive Leasing represents more than just a new investment vehicle; it signals the continued maturation of the Gulf Cooperation Council (GCC) as a global hub for aviation finance. Historically, the region was known primarily for its world-class carriers like Emirates and Qatar Airways. Today, however, Gulf nations are moving “upstream” to own the assets themselves.

BlueFive Leasing joins a growing list of regional heavyweights, including Dubai Aerospace Enterprise (DAE) and Saudi Arabia’s AviLease. By partnering with an Omani sovereign institution, widely believed by industry analysts to be the Oman Investment Authority (OIA) or its Future Fund Oman, BlueFive is effectively leveraging sovereign wealth to capture value from the very assets that service the region’s booming travel hubs.

Furthermore, the decision to trade across the “full age spectrum” rather than focusing exclusively on new-technology aircraft suggests an opportunistic strategy. This approach may allow the firm to generate higher yields by trading mid-life assets, a segment where demand remains high due to production delays at major manufacturers like Boeing and Airbus.

Summary of Key Facts

• Entity Name: BlueFive Leasing
• Headquarters: Muscat, Oman
• Target Fund Size: $1.0 billion+ (BlueFive Wings Fund I)
• Parent Company AUM: ~$7.4 billion
• Primary Markets: Middle East, Asia, Africa

Sources

• BlueFive Capital

This article is based on an official press release from flynas.

flynas and Syrian Civil Aviation Authority Form “flynas Syria” Joint Venture

Saudi Arabian low-cost carrier flynas has officially signed a joint venture agreement with the Syrian General Authority of Civil Aviation (GACA) to establish a new national low-cost carrier, “flynas Syria.” The agreement, finalized on February 7, 2026, marks a significant step in the reintegration of Syria’s aviation sector into the regional economy.

According to the announcement, the new airline is scheduled to commence operations in the fourth quarter of 2026. The carrier will be based at Damascus International Airport (DAM) and aims to connect Syria with key destinations across the Middle East, Africa, and Europe. This development follows the resumption of direct flights between Riyadh and Damascus by flynas in June 2025, positioning the Saudi carrier as a primary stakeholder in the reconstruction of Syria’s air transport infrastructure.

The partnership serves as a major component of a broader economic initiative led by Saudi Arabia to support stability and development in the region. By leveraging flynas’ operational expertise and the regulatory authority of the Syrian government, the venture seeks to modernize the country’s aviation standards and facilitate the return of trade and tourism.

Operational Structure and Timeline

The joint venture is structured to ensure regulatory compliance while benefiting from private sector efficiency. According to details released regarding the agreement, the ownership is divided between the state and the Saudi carrier:

• 51% Ownership: Held by the Syrian General Authority of Civil Aviation and Air Transport.
• 49% Ownership: Held by flynas.

Operations are targeted to begin in late 2026. While specific fleet details were not disclosed in the initial announcement, flynas currently operates an all-Airbus fleet consisting of the A320neo family. Industry observers suggest the new subsidiary may adopt a similar fleet composition to maximize maintenance and training synergies.

Executive Commentary

Senior officials from both nations have framed the deal as a “qualitative leap” for regional connectivity. Bander Almohanna, CEO of flynas, emphasized the strategic importance of the venture in a statement included in the announcement.

“This partnership represents a qualitative leap in our expansion strategy, aiming to contribute to Syria’s regional and international connectivity.”

, Bander Almohanna, CEO of flynas

Similarly, Omar Hisham Al-Hosari, President of the Syrian GACA, noted that the partnership reflects a shift toward “smart cooperation models with trusted regional partners” intended to rebuild the sector on modern foundations.

Geopolitical and Regulatory Context

The establishment of flynas Syria occurs against a backdrop of significant political and regulatory shifts. Following political changes in late 2024, the regulatory environment for Syrian aviation has begun to thaw. In February 2025, the European Union removed Syrian Arab Airlines and other entities from its sanctions list, a move designed to support economic recovery.

The path to reconnecting Syria with Europe has already been opened by other carriers. In June 2025, Romanian airline Dan Air became the first EU carrier to resume direct flights to Damascus. However, flynas Syria will still need to navigate technical safety audits, such as the EASA Third Country Operator authorization, to operate freely within EU airspace.

Saudi Minister of Investment Khalid Al-Falih described the agreement as a model for “constructive investment cooperation” serving the mutual interests of both Saudi Arabia and Syria. The deal was signed alongside other infrastructure contracts, including agreements to develop Aleppo International Airport and invest in the telecommunications sector.

AirPro News Analysis

The LCC Model in Post-Conflict Reconstruction

The choice of a low-cost carrier (LCC) model for Syria’s new national airline is a strategic divergence from the traditional legacy carrier approach often seen in the region. By partnering with flynas, the Syrian Civil Aviation Authority is likely attempting to bypass the historical inefficiencies associated with state-run legacy carriers.

An LCC model is particularly well-suited for post-conflict reconstruction for several reasons. First, it lowers the barrier to entry for the diaspora and business travelers, stimulating traffic volume more rapidly than a full-service model might. Second, the operational discipline required by the LCC model, quick turnarounds, single-type fleets, and point-to-point service, can offer higher reliability in an environment where infrastructure may still be recovering.

Furthermore, the 49% stake held by flynas provides the new entity with immediate access to established supply chains, safety management systems, and leasing markets that might otherwise be difficult for a standalone Syrian entity to access. This “franchise-like” approach allows for a rapid ramp-up of operations, targeting Q4 2026, which would be aggressive for a wholly grassroots startup.

Sources

Sources: flynas

This article is based on an official press release from RIVE Private Investment.

RIVE Private Investment Acquires Four-Helicopters Portfolio from Milestone Aviation

RIVE Private Investment, a European investment firm focused on transportation and energy transition assets, has announced the acquisition of a four-helicopter portfolio from Milestone Aviation Group. The transaction, which was finalized in late 2025 and announced in January 2026, underscores the growing intersection between aviation finance and renewable energy infrastructure.

According to the company’s official announcement, the deal involves three Leonardo AW139s and one Leonardo AW169. These assets are currently leased to specialized operators supporting critical offshore industries. The acquisition aligns with RIVE’s broader strategy to invest in assets that contribute to decarbonization and essential services.

Transaction Overview and Financing

The agreement between RIVE Private Investment, acting through its RIVE Transportation Assets Income Fund, and Milestone Aviation Group (an AerCap company) was signed on November 6, 2025. The portfolio consists of four twin-engine helicopters manufactured by Leonardo, a leading aerospace company.

The specific assets acquired include:

• Three Leonardo AW139s: Intermediate twin-engine helicopters widely used in offshore operations.
• One Leonardo AW169: A light intermediate twin-engine helicopter known for its versatility in wind farm support.

RIVE confirmed that the acquisition was supported by senior debt financing provided by Investec, a South African bank described as a repeat partner for the investment firm. The deal structure involves acquiring the aircraft with existing lease contracts already in place, ensuring immediate revenue generation.

“The transaction… involves three Leonardo AW139s and one Leonardo AW169.”

, RIVE Private Investment Press Release

Operational Deployment and Strategic Focus

The portfolio is heavily weighted toward the renewable energy sector, reflecting the operational demands of the North-America Sea region. According to the release, the helicopters are leased to two primary operators: HeliService and Uni Fly.

Supporting the Energy Transition

Three of the four helicopters are dedicated to the offshore wind industry. These aircraft are equipped with hoists to transfer technicians and equipment to wind turbine nacelles off the coasts of the United Kingdom and Germany. This deployment highlights the critical role of vertical lift in maintaining offshore wind farms, which are moving further out to sea where crew transfer vessels are less efficient.

Operator Profiles

The press release highlights the expertise of the lessees:

• HeliService: Based in Germany, this operator is a Leonardo “Excellent Service Center” and specializes in hoist operations and ice navigation for the wind sector.
• Uni Fly: Operating out of Denmark and the UK, Uni Fly is recognized for its pioneering role in helicopter hoist operations for wind farm construction and maintenance.

The fourth helicopter in the portfolio is currently deployed for offshore oil and gas operations, providing a diversified revenue stream while the majority of the assets support the energy transition.

AirPro News Analysis

This transaction illustrates a maturing trend in aviation finance where specialized investment funds are increasingly acquiring assets from major lessors like Milestone to target specific ESG (Environmental, Social, and Governance) niches. By focusing on helicopters that support offshore wind, RIVE is effectively categorizing these aircraft as “energy transition assets” rather than just transportation hardware.

For Milestone Aviation, the sale represents an opportunity to recycle capital while maintaining a relationship with the assets through a financial partner. For the broader market, it signals continued confidence in the Leonardo AW139 and AW169 as the workhorses of the North Sea energy sector.

Frequently Asked Questions

Who are the operators of the acquired helicopters?
The helicopters are leased to HeliService and Uni Fly, both of which specialize in offshore operations in the North Sea.

What is the primary mission of these aircraft?
75% of the portfolio (three helicopters) is dedicated to supporting offshore wind farms in the UK and Germany. The remaining helicopter supports oil and gas operations.

Who provided the financing for this deal?
Senior debt financing was provided by Investec.

Sources

• RIVE Private Investment