Kuwaiti firm takes on AerVenture deal

AVIATION Lease & Finance, a Kuwaiti company that rents planes to airlines, has signed a letter of intent to buy Ireland-based AerVenture’s contract with Airbus SAS for seven A320s.

Aviation Lease & Finance, or Alafco, said it will lease the single-aisle planes to Pakistan International Airlines.

The Kuwait-based leasing company plans to increase its fleet more than 10-fold to as many as 400 aircraft by 2017 to meet growing demand from Middle Eastern carriers.