Aviation Lease and Finance Company (ALAFCO), the Kuwait-based international aircraft leasing company, announced it has selected CFM International’s advanced LEAP-1A engines to power 30 firm, 20 option new Airbus A320neo aircraft.
ALAFCO, a Kuwait based aircraft leasing company which is listed on the Kuwait Stock Exchange was formed in 1992, is a long-time CFM customer. This order expands its total LEAP fleet to than 120 engines. RPFH agreements are part of CFM's portfolio of flexible aftermarket support offerings. Under the terms of the agreement, CFM Services guarantees maintenance costs for the AirAsia’s LEAP-1A engines on a dollar per engine flight hour basis.
“Introducing the LEAP-1A-powered A320neo into our portfolio has been very successful collaboration between ALAFCO and CFM and is an important part of our long-term strategy. LEAP engines continue to deliver and meet the expectations of ALAFCO’s customers. With high levels of efficiencies and reliability, we envisage these engines will continue to add value and furthermore play an integral role in ALAFCO's continued growth,” said Ahmed Albzbin, ALAFCO Chairman.
“We certainly appreciated the continued confidence ALAFCO has shown in us with this new order. We are pleased that the benefits we have built into the LEAP engine are having a very positive impact on ALAFCO's customers and we pledge to continue to provide the level support they have come to expect from CFM,” said Gaël Méheust, President and CEO of CFM International.
The LEAP engine is a product of CFM International, a 50/50 joint company between GE and Safran Aircraft Engines. This engine has experienced the fastest order ramp up in commercial aviation history and CFM has received orders and commitments for a total of more than 17,600 LEAP engines, including spares, across all three models through May 2019.
ALAFCO Aviation Lease and Finance Company KSCP, headquartered in Kuwait, is a global aircraft leasing company. The company was founded in 1992 by Kuwait Airways Corporation (KAC) and acquired by Kuwait Finance House (KFH) in 1999. ALAFCO’s registration was changed from Bermuda to Kuwait and it was converted to a Sharia compliant aircraft leasing company in 2000. ALAFCO’s main activities are: aircraft operating leases, sale and leaseback of aircraft and aircraft lease management.
In 2006, ALAFCO was listed on the Kuwait Stock Exchange. Today, 46% of ALAFCO is owned by KFH, 14% is owned by Gulf Investment Corporation (GIC), 10% is owned by Kuwait Airways Corporation (KAC) and the remainder is held by private investors.
With its rising portfolio, substantial new aircraft order, and a highly talented experienced team of professionals, ALAFCO is well positioned to meet the needs and demands of airlines worldwide.