ALAFCO joins Kuwait aviation show 2020 as a platinum sponsor

Albanwan: Global share of passenger aircraft operated in the Middle East has more than doubled in the last decade

  
ALAFCO joins Kuwait aviation show 2020 as a platinum sponsor
  • Our strategic partnership with the Kuwait aviation show is a testament to our ongoing contribution to the global aircraft leasing market

Kuwait city: ALAFCO Aviation Lease and Finance Company (ALAFCO), a global aircraft leasing company headquartered in Kuwait, joined the Kuwait aviation show 2020 as a platinum sponsor. The event witnessed the presence of leading aviation professionals from across the world, for what was the  second Kuwait Aviation Show held in Kuwait, under the Patronage of HH Sheikh Sabah Al-Ahmed Al-Jaber Al-Sabah – The Amir of Kuwait.

The Kuwait aviation show 2020 which takes place on Wednesday 15 till 18 January 2020, was attended by leading industry experts, investors, regulators, and government officials to share their expertise in the aviation sector, in addition to senior representatives from ALAFCO, participated in the exclusive, invite-only event.

Adel Albanwan CEO of  ALAFCO, said, “Despite strong external headwinds which have impacted the pace of economic growth, the industry managed to achieve positive growth. Based on research by IATA, the overall industry revenue is forecasted to reach $872 billion (+4.0% on $838 billion in 2019).

He added, “In the face of a volatile global economy and an increase in industry operating expenses, ALAFCO approved a cash dividend distribution of 8 fils per share, totaling KWD 7.62 million, for the fiscal year ended 30 September, reporting a net profit of KWD 17.7 million as at the end of the financial year”.

“Global share of passenger aircraft operated in the Middle East has more than doubled in the last decade. Projected demand for aircraft maintenance, repair, and overhaul in the Middle East is projected to more than double from US$4.1 billion in 2016 to circa US$9.35 billion by 2025”.

Albanwan, said, “Our ongoing sponsorship and strategic partnership with the Kuwait aviation show is a testament to our commitment to support and grow the aircraft leasing market in Kuwait, throughout the GCC region and internationally.

He added, “As one of the leading aircraft leasing companies, we strongly believe the necessity to partner and participate in such events and exhibitions, that are in line with our strategic objective to develop the overall ecosystem for aircraft leasing and finance.”

“We believe that Kuwait Aviation Show 2020 is a platform where ALAFCO can share its expertise with the list of guests and attendees, and potential partners and clients who are seeking aircraft leasing opportunity”, he concluded.

Ends

 About ALAFCO

ALAFCO Aviation Lease and Finance Company KSCP, headquartered in Kuwait, is a global aircraft leasing company. The company was founded in 1992 by Kuwait Airways Corporation (KAC) and acquired by the Kuwait Finance House (KFH) in 1999. ALAFCO’s registration was changed from Bermuda to Kuwait and it was converted to a Sharia-compliant aircraft leasing company in 2000. ALAFCO's main activities are aircraft operating leases, sale and leaseback of aircraft and aircraft lease management.

 In 2006, ALAFCO was listed on the Kuwait Stock Exchange. Today, 46% of ALAFCO is owned by KFH, 14% is owned by Gulf Investment Corporation (GIC), 10% is owned by Kuwait Airways Corporation (KAC) and the remainder is held by private investors.

 With its rising portfolio, substantial new aircraft order, and a highly talented experienced team of professionals, ALAFCO is well-positioned to meet the needs and demands of airlines worldwide.

© Press Release 2020

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