LOC12:49
09:49 GMT
Kuwait Airways, ALAFCO during signed a deal to sell and re-lease four 777-300ER aircrafts
KUWAIT, Aug 30 (KUNA) -- Kuwait Airways and the Aviation Lease and Finance Company (ALAFCO) signed a deal to sell and re-lease four 777-300ER aircrafts.
ALAFCO is now the legal owner of the four aircrafts and Kuwait Airways will be leasing the planes for 12 years, Kuwait Airways Chairman Sami Al-Rasheed said in a press statement on Wednesday.
Kuwait Airways is taking measures to reduce losses, boost financial performance, and develop services to become a top competitor in the regional aviation market, he noted.
The company aims to assign tasks such as maintenance, engineering services and air cargo to other independent companies in order for Kuwait Airways to focus mainly on aviation, Al-Rasheed said.
The company needs a period of five years to gain profits, said the chairman, adding that the company succeeded in regaining the confidence of its former clients and attract growing numbers of new clients.
On his part, ALAFCO's assistant marketing manager Suleiman Al-Mudhaf said the company aims to increase its fleet to reach 100 aircrafts by 2020. With the new agreement, ALAFCO's fleet went up to 63 aircrafts, he added.
Kuwait Airways is one of the oldest aviation companies in the Gulf. It was established in 1953 as a private company under the name "Kuwait National Airways", before the Kuwaiti government ceased full ownership of the company in 1962.
ALAFCO was established in 2000 and was enlisted in Kuwait bourse in 2006. The company offers services that include aircraft selling and leasing, marketing and investment in aviation. (end)
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