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7JetSet7 Code: AVF
Status: Currently Not Operational
Country: KUWAIT
Employees 17
Web: alafco-kw.com
Email: info@alafco-kw.com
Telephone: +965 240-2207
Fax: +965 240-5225

Click below for data links:

Formed in 1992. Full name is (ALAFCO) Aviation Lease and Finance Company (KSCC) (AVF). A subsidiary of Kuwait Finance House. A jet airplane leasing company.

3rd Floor, Chamber of Commerce & Industry Building
Shuhuda Street, Murqaab
Kuwait City, Kuwait

Mail to:
P O Box 2255
Safat 13023, Kuwait

The State of Kuwait was established in 1961, covers an area of 17,818 sq km, its population is 2.3 million, its capital is Kuwait City and its official language is Arabic. In recent years, it has rebuilt its infrastructure and is rebuilding its economy. Of the regions nations, only Kuwait denies voting rights to its women.

September 2004: Alafco Aviation Lease and Finance Company (AVF), the Kuwait-based shareholding closed company providing commercial jet airplane leasing products consistent with Islamic Sharia, announced its year-end 30 September 2004 results.

The company's total revenues rose by +98% to KD11.5 million/US$39 million, compared with the previous year, while net profits rose to +KD3.0 million/+US$10 million. With now over KD109 million/US$369 million in asset values, including 12 owned and 13 managed airplanes, and more than 15 airline customers, the company is well on target to secure its place among the more accomplished commercial jet airplane lessors in the world, right through and despite what many consider, the severest down cycle in the industry's history.

The excellent financial results for the year are the outcome of a prudent business strategy connected with a small but dedicated management team, a supportive customer base, and the coming together of exceptional shareholder, board, and financier collaboration. Alafco (AVF)'s shareholders, have once more shown their confidence in the company's effectiveness, and decided not to distribute dividends for the second year running, and to withhold the company's retained earnings in the form of bonus share issue equivalent to KD3.0 million/US$10 million), therefore bringing the share capital to KD33.0 million/US$112 million.

Customers include Air-India (AIN), China Northwest Airlines (CNW), Yemenia (YEM), China Eastern Airlines (CEA), Malaysia Airlines (MAS), & Royal Jordanian Airlines (RJA).

June 2005: At Paris Air Show, announces Memo of Understanding (MOU) with Airbus for 12/6 orders A350's (GEnx), which comprise "principally" -800's, although the contract foresees the possibility of switching to the larger -900's.

September 2005: Alafco Aviation Lease and Finance Company (KSCC) (AVF), one of the world’s prominent jet airplanje operating lessors, has signed an agreement with Air-India (AIN) for the lease extension of two A310-300 airplanes. The transaction represents a further strengthening of the two companies’ association, which dates back to Alafco (AVF)’s emergent phase.

“Air-India (AIN) is pleased to share the genesis of Alafco (AVF) as its first client and business partner in 2002,” Said Air India’s Kuwait Manager Mr Singh. This relationship has been further augmented by extending the lease of the two A310-300 airplanes for a period of three years to 2008.”

The Chairman & CEO of Alafco (AVF), Mr Ahmad Alzabin, expects this to toughen Alafco (AVF)’s presence in the rising Asian market, particularly India, where Alafco (AVF)’s total placements add up to a total of four airplanes. “We have been impressed with Air-India (AIN)’s track record and its performance, and we are pleased to facilitate its route development plan,” said Alzabin.

Alafco (AVF)’s owned fleet, which comprises 11 airplanes of various types on lease to major airlines in Asia, Europe and the Middle East, is in for a significant expansion. Alzabin has recently signed a firm order for 12 airplanes of the advanced-technology A350-800 due for delivery starting 2012.

Alafco (AVF), a Kuwaiti company, is considered among the vanguard in the region in purchasing and leasing jet airplanes. It owns at the present time 11 airplanes valued at $369 million, leased to seven international air carriers. The company has recently announced the purchase of 18 new Airbus jetliners with a price tag of $2.9 billion.

November 2005: Airbus firmed up a June $2.9 billion order from Alafco (AVF), the Kuwait-based international airplane leasing company, for 12 A350-800s with options on six more. It is the first leasing company to select the type. Deliveries are due to begin in the third quarter of 2012. Alafco Chairman and CEO Ahmed Alzabin sang the airplane's praises at the Dubai Air Show, saying, "We believe in investing for the future, and the A350 is a great way to do that." These airplanes will be leased to Jazeera Airways (JZI).

January 2006: 2005 profit = 3.5 million Dinars, +14%. 2005 net assets of 105.6 million Dinars increased +6% from 2004's 38.4 million Dinars.

ALAFCO Aviation Lease & Finance Company (AVF) announced that it received a new A320-200 and leased it to Royal Jordanian Airlines “Alia” (RJA) as the first phase of an agreement signed by the two companies last year deemed to be a step to implement its new marketing strategy to provide lessees for new airplanes and deliver them thereto directly from the Factory.

Ahmad Abdullah Alzaben, Chairman & Chief Executive Officer of ALAFCO (AVF), stated in a press release that ALAFCO (AVF) purchased the airplane from Airbus at $50 million and leased it to Royal Jordanian Airlines (RJA) for seven years. It is the first of two A320 airplanes and the second airplane will be delivered next November.

February 2006: ALAFCO purchased a 777-200 for $75 million and leased it to Air-India (AIN).

March 2006: Based on an "Airline Business" magazine survey of airplane leasing companies, ALAFCO (AVF) has a fleet of 26 airplanes valued at $761 million and is ranked 32nd of the top 50 airplane leasing companies (see attached data).

This Kuwait-based jet airplane lessor is an emerging provider of Sharia-based commercial airplane leasing products that comply with Islamic law.

It offers Boeing 737NG's and Airbus A310's, A320's, & A350's.

June 2006: ALAFCO Aviation Lease and Finance (AVF) of Kuwait said it purchased five new 737-800s valued at $250 million that it plans to lease to Turkish Airlines (THY) for 12 years.

November 2006: Airbus won six (AVF) firm orders from Kuwaiti lessor ALAFCO (AVF). ALAFCO (AVF) Chairman and CEO, Ahmad Alzabin predicted "strong demand for the A320 family airplanes during the coming years."

March 2007: General Electric (GE) has ruled out a variant of the Engine Alliance (GP7000) powerplant, which powers the A380, for the A350 XWB-1000. A (GE) spokesperson said that "it is not being considered." The engine, a joint venture of (GE) and Pratt & Whitney (P&W), is currently offered only on the A380. The A350 XWB-1000 is to be powered by a (Trent 1000) at 95,000 lbs thrust. There had been brief discussions between (GE) and Airbus (EDS) on a possible 105,000-lbs (GEnx) derivative, but those talks lapsed. Meanwhile, the status of existing orders for the (GEnx)-powered A350 XWB-800/-900 remains up in the air, with (GE) stating that "we are still doing technical studies but are not close to a business agreement." Six customers for the original A350 - - Air Europa (10), US Airways (20), ALAFCO (12), GECAS (10), TAM (10) and Qatar Airways (60) - - ordered the (GEnx) and most analysts considered it a formality that new agreements will be concluded. But according to a spokesperson, "(GE) does not have a deal with Airbus (EDS) on any A350 model and previous contracts we had, are for an airplane that doesn't exist."

May 2007: ALAFCO (AVF) $2.26 billion, 6/6 orders 737-800s and 12 787-8 Dreamliners.

June 2007: At the Paris Air Show, ALAFCO Aviation Lease and Finance Company (AVF) of Kuwait bought 12 A350 XWBs and seven A320s.

July 2007: 10 orders 787 Dreamliners. ALAFCO (AVF) said its order for 10 is worth $1.62 billion at list prices and builds on its order for 12 announced in the spring. Those airplanes have been placed with Kuwait Airways (KUW). "We have decided to move quickly on acquiring additional 787s as we see continued strong market demand," Chairman & CEO, Ahmad Alzabin said.

August 2007: Kuwait Airways (KUW)'s lease deal with ALAFCO (AVF) for 12 787s and seven A320s, worth a reported $3 billion, has been canceled because the airline was unable to secure government approval, the lessor said in a filing with the Kuwait Stock Exchange cited by numerous press reports. "ALAFCO (AVF) received a letter from Kuwait Airways (KUW) saying it has not obtained the necessary government approval to sign a final deal," the lessor said, adding that "the letter of intent (LOI) signed with Kuwait Airways (KUW) for the supply of 19 airplanes is considered cancelled." The airplanes were scheduled for delivery in the 2009 to 2014 period.

September 2007: Oman Air (OMR) signed an agreement with Aviation Lease and Finance Co (AVF) to lease six 787s for 12 years, with deliveries occurring in 2012, 2014 and 2015, the Arab Air Carriers Organization reported.

October 2007: 7 orders (2/09) A320-200s, to be leased to Pakistan International Airlines (PIA) to replace all 737-300s.

November 2007: Rolls-Royce (RR) and Kuwaiti lessor ALAFCO (AVF) signed a firm contract for (Trent XWB) engines to power 12 A350 XWBs, sealing an order announced at the Paris Air Show. The deal is valued at $480 million at list prices, with deliveries scheduled to begin in 2015.

February 2008: The Kuwaiti government accepted the resignation of Kuwait Airways (KUW)'s board, which made the move following the government's cancellation of a 19-airplane order with ALAFCO (AVF), according to press reports.

June 2008: (ALAFCO) (AVF) announced the sale of five new A320-200s to Aref Logistics for $325 million. The airplanes will be operated by charter subsidiaries in Saudi Arabia and Bangladesh.

ALAFCO (AVF) reached a deal with Saudi Arabian Airlines (SVA) for the sale and lease of 17 airplanes for delivery from 2009 through 2015, the Arab Air Carriers Organization reported. Agreement comprises the sale of eight 787-9s worth $1.6 billion, the 12-year lease of an additional four 787-9s and eight-year leases on five A320-200s.

August 2008: ALAFCO (ALF) announced the lease of eight A320-200s to Saudi Arabian Airlines (SVA) for eight years each. Delivery is scheduled in 2009 and 2010. The Kuwaiti lessor struck a deal with Saudi Arabian for 17 long-haul airplanes in June. The combined deals are worth $3.3 billion, ALAFCO (AVF) said.

November 2008: Wataniya Airways (WYA) is on track to launch its all-premium A320 flights in January and said it will have four airplanes operating next year and up to seven by the end of 2010. The Kuwaiti carrier will lease three airplanes from ALAFCO (AVF), three from AerCap (DEA), and one from ILFC, CEO, George Cooper told "Reuters." It has committed $250 - $300 million for the leases.

January 2009: A320-214 (3739, 9K-EAA), ALAFCO (AVF) leased to Wataniya Airways (WYA).

August 2009: 4 A320-200s to be leased to Olympic Air (OLY).

September 2009: Oman Air (OMR) CEO, Peter Hill said (OMR) is not certain it will stick with its commitment to lease six 787s from ALAFCO (AVF). (OMR) signed a contract with (AVF) two years ago. "I think we will take a decision once it has flown. Let's see when it flies," Hill told "Reuters." "There have to be concerns about Boeing (TBC)'s ability to deliver that airplane as it was originally designed. My predecessors bought it on the basis of a whole load of performance guarantees and delivery dates. So far, (TBC) haven't demonstrated that the confidence we put in it is going to be met in the near future," he said. "(TBC) are playing it very close to their chest. It doesn't help for great dialogue between customers and the company and that is a criticism. We are not being kept informed enough on what's really going on. That begs the question, do they really know how to solve some of these issues?"

October 2009: Saudi Arabian Airlines (SVA) took delivery of its first A320, acquired under a long-term lease agreement with ALAFCO (AVF). It will deploy the airplane from Riyadh to routes in the region as well as to Europe and to the Indian subcontinent.

July 2010: ALAFCO (AVF) will lease three new 737-800s each to Ethiopian Airlines (ETH) and Okay Airways (OKA) for 96 months and one used 777-200 to Transaero Airlines (TRX) for 96 months, "Reuters" reported.

June 2011: ALAFCO (AVF) signed a Memo of Understanding (MOU) for 30 A320neos and an order for six A350-900s, bringing its total order for the type to 18. "The order reflects a strong recovery in long-haul traffic demand from our customer airlines," Chairman & CEO, Ahmad Al Zabin noted. (AVF)'s new order is valued at $1.6 billion at list prices. (AVF) initially signed up for 12 A350-800s in 2007 and switched them to the larger A350-900 variant at the Farnborough Airshow.

November 2011: (ALAFCO) Aviation Lease & Finance Company has selected Pratt & Whitney PurePower (PW1100G-JM) engines to power its order of 50 firm A320neo family airplanes. Deliveries are scheduled to start in 2017.

February 2012: Airbus (EDS) and Aviation Lease & Finance Comapny (ALAFCO) (AVF) finalized a purchase order for 35 A320neo family airplanes, the companies announced at the Singapore Airshow.

This extends the list of firm neo orders to 1,324 units and confirms that the “Airbus A320neo is the fastest selling program at the moment,” Airbus (COO) Customers, John Leahy said.

The new (AVF) contract covers the firming of 30 options announced at the Dubai Airshow in November and the purchase of a further five of the type. (AVF) committed initially to 30 A320neos at the Paris Air Show in June and signed an order with Airbus for 50 of them, plus options for 30 more, at the Dubai Airshow.

“After a full analysis, we concluded that the A320neo will continue to be in strong demand; therefore, we are seizing the opportunity to secure an additional 35 airplanes to meet the future requirements of our customers,” (AVF) Chairman & (CEO), Ahmad Al Zabin said. “The significant fuel burn savings it offers, combined with the operational reliability and cost effectiveness of the A320 family, make it an absolute ‘must have’ in our portfolio.”

He said that deliveries of the 85 neos on order would commence in 2017 and would be spread over four years. Choice of engines will be announced at a later date. He also said (AVF) is working on placing the airplanes through its own sales efforts and with Airbus (EDS).

July 2012: (ALAFCO) (AVF) agreed to order 20 737 MAX-8s in a deal valued at $1.9 billion at list prices.

November 2012: (ALAFCO) (AVF) has finalized an order for 20 737 MAX 8s, the first sale of the type into the Middle East. The airplanes will be powered by new (CFM) International (LEAP-1B) engines.


Click below for photos:
AVF-737 MAX 8 - 2012-11
AVF-A320neo - 2012-02

June 2014:

5 737-800 (CFM56-7B), LST (THY) FOR 12 YRS.

6/6 ORDERS 737-800 (CFM56-7B).

20 ORDERS 737 MAX-8:

1 777-200 LST (MAS).

1 777-200 LST (AIN) 2006-02.



2 A310-300, 3-YR LST (AIN) 2005-09.


85/30 ORDERS (2017) A320NEOS (PW1100G-JM):


1 +7 ORDERS A320-200, LST (SVA) 2009-09.

3 ORDERS A320-200 LST (WYA).

2 A320-214 (3931, A9C-BAS; 3949, A9C-BAP), LST (BAH) 2009-06.

2 A320-232 (V2500) (2649, F-OHGV; 2953, F-OHGX "MADABA" 2006-11), 7-YR LST (RJA).

2 +2 ORDERS A320-232 (3748, SX-OAQ, 2009-08; 3812, SX-OAR, 2009-08), LST (OLY).

18 ORDERS (2015-08) A350 XWB-900 (TRENT XWB), TO BE LST (JZI):






IMTIAZ KHOT, ACCOUNTS MANAGER (imtiaz@alafco-kw.com).

ASSAF KHAZAAL, LEGAL ADVISOR (ahk@alafco-kw.com).

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