CDB Aviation Delivers First A320neo Aircraft to flynas
Purchase and Leaseback Transaction Advances Saudi Carrier’s Ambitious Fleet and Route Network Expansion Plans
DUBLIN – February 18, 2022 – CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Ltd. (“CDB Leasing”), announced today the delivery of the first of up to five Airbus A320neo aircraft to flynas, the Saudi Arabian based air carrier.
“This latest addition of NEO aircraft to flynas’ growing fleet advances its ambitious plans to expand the fleet and increase the scope of its offerings in line with the Vision 2030 program,” denoted Patrick Hannigan, CDB Aviation’s Chief Executive Officer. “The Saudi market continues to bounce back strongly post-pandemic and flynas will be well-positioned to take advantage of significant pent-up demand.”
The first aircraft, with a capacity for 174 passengers, was delivered in Toulouse, France, as part of the companies’ purchase and leaseback agreements announced in late January 2022. CDB Aviation expects to take delivery of the remaining A320neo aircraft and lease them back to the carrier.
Peter Goodman, CDB Aviation’s Chief Marketing Officer, concluded: “Our commercial team continues to address airlines’ requirements in all corners of the world, leveraging our platform’s leading market position and wide-ranging financing solutions to enhance their fleets and ramp up operations in the face of the progressing recovery across the global air transport industry.”
This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation’s business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as “may”, “will”, “seek”, “continue”, “aim”, “anticipate”, “target”, “projected”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “achieve” or other terminology or words of similar or analogous meaning. These statements are based on the current beliefs and expectations of CDB Aviation’s management and are subject to significant risks and uncertainties. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.
flynas is a Saudi Arabian leading low-cost carrier with a fleet of 34 aircrafts, operating more than 1500 weekly flights to 35 domestic and international destinations. Since its launch in 2007, flynas has transported more than 55 million passengers, a number that has steadily grown over the past 14 years. flynas offers its guests best value for money through competitive fares, timely flights and superior customer service which has earned several accolades, including the Middle East’s Leading Low Cost Airline award from the World Travel Awards for seven consecutive years (from 2015 till 2021) as well as the prestigious Skytrax award for Middle East’s Best Low Cost Airline in (from 2017 till 2021). www.flynas.com
About CDB Aviation
CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), a 37-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.
CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero
+1 612 594 9844