Saudi Arabia’s sovereign wealth fund found a partner for its aircraft leasing unit: the kingdom’s pension fund.
The new joint venture will be majority owned by Hassana, the $320 billion pension fund that has been taking an increasingly prominent role backing global fund managers that commit to investing in the country.
AviLease, launched by Public Investment Fund in 2022 to be the kingdom’s leading aircraft-leasing platform, will provide 10 aircraft currently leased to Saudi airlines to the new venture.
The partnership comes at a time when there is growing attention on Saudi Arabia’s ability to fund its vast economic diversification plans, with tourism and logistics forming key pillars of the strategy.