With the launch of AviLease, a new company owned by PIF has entered the highly lucrative aircraft leasing market. Considering that the world's airline industry is expected to grow and recover faster, and with more carriers expected to expand, the move is well-timed.

Flynas, a low-cost airline, has already signed AviLease's first leasing agreement. Flynas will lease 12 new A320neo aircraft to the former this year and in 2023.

With a core focus on leasing, trading, and asset management, AviLease intends to maintain an 'optimal portfolio of assets'. Fahad AlSaif, Chairman of AviLease, said: "Today marks the start of our journey to become a leader in the aircraft leasing market." AviLease will contribute to the Kingdom's 2030 Vision by enabling the PIF's aviation sector strategy in Saudi Arabia."

Saudi Arabia's National Aviation Strategy aims to increase passenger traffic to 330 million by 2030 and connect Saudi Arabia with more than 250 destinations. A public investment fund is also planning to launch an airline.

Edward O'Byrne, CEO of AviLease, said, "We are ready to scale rapidly and become one of the leading lessors in the Saudi market.

The plan is to invest in the most technologically advanced aircraft to allow airlines to operate the most fuel-efficient and environmentally friendly fleets."