Avolon has delivered a fifth new Airbus A320neo to Flynas, a Riyadh based low-cost carrier, after a sale and leaseback transaction that was agreed upon in May 2022.
The A320neo is a highly popular aircraft for short and medium-haul flights, known for its fuel efficiency and lower CO2 emissions compared to previous models.
Avolon now has a total of 11 aircraft on lease to Flynas, including the newly delivered A320neos, A320ceos, and A330-300s.
Flynas currently operates a fleet of 54 aircraft, with 45 of them being A320neos.
The new aircraft will support Flynas’s growing operations, which include over 1,500 flights per week to more than 70 destinations.
Paul Geaney, President and Chief Commercial Officer at Avolon,said: “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.”
