Saudi-based global aircraft lessor AviLease has signed its first aircraft lease agreement with Riyadh Air, marking a key milestone for the Kingdom’s newest national carrier.

The agreement involves one Boeing 787-9 Dreamliner, positioning AviLease as the first leasing partner to support Riyadh Air’s growing fleet. Delivery of the aircraft is expected in Q4 2025, ahead of the airline’s upcoming commercial launch.

The Boeing 787-9 is one of the most advanced and fuel-efficient widebody aircraft in operation, aligning with Riyadh Air’s goal of operating a technologically advanced, environmentally conscious fleet. The deal also advances AviLease’s efforts to expand its portfolio with next-generation aircraft, in line with Saudi Arabia’s plans to create a world-class aviation ecosystem.

Edward O’Byrne, CEO of AviLease, said: “This agreement is an important milestone for AviLease. We are continuing to build our investment-grade leasing platform to compete at the top of the industry, globally. Yet, we are also very clear on our role in helping build-up the Saudi aviation ecosystem. As such, I am really glad that we can witness the launch of such a key new carrier for the Kingdom. Becoming Riyadh Air’s first leasing partner highlights the trust placed in AviLease and reinforces our position as a strategic enabler of the Kingdom’s aviation ambitions.”

Adam Boukadida, CFO at Riyadh Air, added: “We are pleased to complete our first aircraft lease with AviLease as we continue building a young, fuel-efficient fleet ahead of our commercial launch. The Boeing 787 is a highly capable aircraft that will play an important role in delivering a world-class travel experience for our future guests. This agreement marks an important step in establishing Riyadh Air as a leading global airline.”

The lease marks a significant development in Saudi Arabia’s wider aviation expansion strategy under Vision 2030, with both companies contributing to the Kingdom’s goal of positioning itself as a global air transport hub.