ALAFCO - Aviation Lease and Finance Company
KSE: ALAFCO
ISINKW0EQ0602221
IndustryAircraft finance
Founded1992 (1992)
Headquarters
Kuwait City
,
Kuwait
Area served
Worldwide
Key people
Adel Ahmad Albanwan (CEO)
KD97 million
Total assetsKD1.2 billion (2022)
Total equityKD224 million (2022)
OwnersKuwait Finance House
Gulf Investment Corporation
Kuwait Airways
Websitewww.alafco.com/en/

ALAFCO (Aviation Lease and Finance Company) is a Kuwaiti aircraft-leasing company founded in Kuwait City in 1992. The CEO is Adel Ahmad Albanwan.[1] It is jointly owned by the Kuwait Finance House, Gulf Investment Corporation and Kuwait Airways. Its lease terms are Islamic economical jurisprudence-compliant.

Customers

ALAFCO's customers include Royal Jordanian, Malaysia Airlines, Garuda Indonesia,[2] Air Europa, Turkish Airlines, China Eastern Airlines, Pakistan International Airlines, Yemenia, Air India, China Southern Airlines, Sky Airlines, Saudi Arabian Airlines, Sun Country Airlines, VietJet Air, Jet2.com, and GoAir.

Future planned leases include six 787s for Oman Air.[3]

Fleet

In October 2006, ALAFCO was planning to increase its fleet to 80 aircraft by 2015, up from the current 18.[4] After growing from 26 to 40 in 2010,[5] Its fleet was reported as 70 aircraft in January 2020.[1]

In April 2020, ALAFCO sued Boeing for $336 million in Chicago federal court, accusing it of refusing to return advance payments on an order of 737 MAX planes (which were grounded worldwide) which it had cancelled the previous month.[6][7] It later withdrew the suit, agreeing to order 20 instead of the planned 40.[8]

Announced fleet expansions

Date Aircraft Delivery date Reference
12 March 2007 12 Boeing 787-8, 6 Boeing 737-800 n/a [9]
18 June 2007 7 Airbus A320 2015 [10]
8 July 2007 10 Boeing 787 2015 [11]
26 June 2011 12 Airbus A350-900 XWB 2017
4 Nov 2012 20 Boeing 737 MAX 8 [12]
13 November 2017 40 (later reduced to 20) Boeing 737 MAX TBA [6][8]
Unknown 43 Airbus A320neo, 10 A321neo 2024 onwards [13]

See also

References

  1. 1 2 Loh, Chris (2020-01-24). "Inside ALAFCO: The Sharia Aircraft Leasing Company". Simple Flying. Retrieved 2020-10-29.
  2. ↑ "ALAFCO and Garuda Indonesia Sign Agreements for the Financing of 2 B777-300ER Aircraft". ACN Newswire. 2013-04-22. Retrieved 5 April 2016.
  3. ↑ "ALAFCO Leases Six B787 Dreamliner Aircraft to Oman Air". ALAFCO. 23 September 2007. Archived from the original on 23 December 2008. Retrieved 24 December 2008.
  4. ↑ "Kuwait leasing firm to increase fleet to 80 aircraft". Agence France-Presse (AFP). SBAC. 2006-10-03. Archived from the original on 15 July 2007. Retrieved 24 December 2008.
  5. ↑ "Aviation Lease & Finance Co. (ALAFCO): Services". Oxford Business Group. 2012-03-10. Retrieved 2020-10-29.
  6. 1 2 Jauniskis, Pijus (4 August 2020). "Woes for Boeing continue, as ALAFCO cuts 737 MAX order". www.aerotime.aero. Retrieved 2020-10-29.
  7. ↑ "Boeing is sued for $336M over canceled 737 Max order". CNBC. 2020-04-22. Retrieved 2020-10-29.
  8. 1 2 "Kuwaiti lessor halves Boeing 737 MAX order after ending legal claim". Reuters. 2020-08-04. Retrieved 2020-10-29.
  9. ↑ "Boeing and ALAFCO Sign Deal for 787s and Next-Generation 737s". Boeing.com. 2007-03-12. Archived from the original on 2008-12-22. Retrieved 24 December 2008.
  10. ↑ ALAFCO press release (2007-06-18) www.alafco-kw.com/alafco/MediaCenter/PressRelease/PressRelease18062007/tabid/89/Default.aspx
  11. ↑ ALAFCO press release (2007-07-08) www.alafco-kw.com/alafco/MediaCenter/PressRelease/PressRelease08072007/tabid/90/Default.aspx
  12. ↑ "Boeing, ALAFCO Firms up Order for 20 Boeing 737 MAXs". Boeing.mediaroom.com. 2012-11-04. Retrieved 2013-06-30.
  13. ↑ Cornwell, Alex (2020-08-19). "Kuwaiti lessor Alafco delays Airbus orders". Reuters. Retrieved 2020-10-29.
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