ALAFCO
{{Short description|Aircraft-leasing company}}
{{Infobox company
| name = ALAFCO - Aviation Lease and Finance Company
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| image = 9M-MLT (37104150175).jpg
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| image_caption = An Boeing 737-800 under lease from ALAFCO to Malaysia Airlines
| trade_name = KSE: ALAFCO
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| ISIN = {{ISIN|sl=n|pl=y|KW0EQ0602221}}
| industry = Aircraft finance
| founded = {{start date|1992}}
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| hq_location_city = Kuwait City
| hq_location_country = Kuwait
| area_served = Worldwide
| key_people = Adel Ahmad Albanwan (CEO)
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| operating_income = KD97 million
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| assets = KD1.2 billion
| assets_year = 2022
| equity = KD224 million
| equity_year = 2022
| owners = Kuwait Finance House
Gulf Investment Corporation
Kuwait Airways
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| website = {{URL|https://www.alafco.com/en/}}
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}}
ALAFCO (Aviation Lease and Finance Company) is a Kuwaiti aircraft-leasing company founded in Kuwait City in 1992. The CEO is Adel Ahmad Albanwan.{{cn|date=June 2024}} It is jointly owned by the Kuwait Finance House, Gulf Investment Corporation and Kuwait Airways. Its lease terms are Islamic economical jurisprudence-compliant.
Customers
ALAFCO's customers include Thai Airways, Royal Jordanian, Malaysia Airlines, Garuda Indonesia,{{cite web|url= http://en.acnnewswire.com/press-release/english/12903/alafco-and-garuda-indonesia-sign-agreements-for-the-financing-of-2-b777-300er-aircraft|accessdate=5 April 2016|publisher=ACN Newswire|date=2013-04-22| title= ALAFCO and Garuda Indonesia Sign Agreements for the Financing of 2 B777-300ER Aircraft}} Air Europa, Turkish Airlines, China Eastern Airlines, Pakistan International Airlines, Yemenia, Air India, China Southern Airlines, Sky Airlines, Saudi Arabian Airlines, Sun Country Airlines, VietJet Air, Jet2.com, and GoAir.
Future planned leases include six 787s for Oman Air.{{cite web|url= http://www.alafco-kw.com/alafco/MediaCenter/PressRelease/PressRelease23092007/tabid/91/Default.aspx|title= ALAFCO Leases Six B787 Dreamliner Aircraft to Oman Air|accessdate= 24 December 2008|publisher= ALAFCO|date= 2007-09-23|archive-url= https://web.archive.org/web/20081223030718/http://www.alafco-kw.com/alafco/MediaCenter/PressRelease/PressRelease23092007/tabid/91/Default.aspx|archive-date= 23 December 2008|url-status= dead|df= dmy-all}}
Fleet
In October 2006, ALAFCO was planning to increase its fleet to 80 aircraft by 2015, up from the current 18.{{cite web|url=http://www.sbac.co.uk/community/cms/content/preview/news_item_view.asp?i=13875&t=0 |title=Kuwait leasing firm to increase fleet to 80 aircraft |accessdate=24 December 2008 |work=Agence France-Presse (AFP) |publisher=SBAC |date=2006-10-03 |url-status=dead |archive-url=https://web.archive.org/web/20070715184343/http://www.sbac.co.uk/community/cms/content/preview/news_item_view.asp?i=13875&t=0 |archive-date=15 July 2007 }} After growing from 26 to 40 in 2010,{{Cite web|date=2012-03-10|title=Aviation Lease & Finance Co. (ALAFCO): Services|url=https://oxfordbusinessgroup.com/analysis/aviation-lease-finance-co-alafco-services|access-date=2020-10-29|website=Oxford Business Group|language=en}} Its fleet was reported as 70 aircraft in January 2020.{{cn|date=June 2024}}
In April 2020, ALAFCO sued Boeing for $336 million in Chicago federal court, accusing it of refusing to return advance payments on an order of 737 MAX planes (which were grounded worldwide) which it had cancelled the previous month.{{Cite web|last=Jauniskis|first=Pijus|date=4 August 2020|title=Woes for Boeing continue, as ALAFCO cuts 737 MAX order|url=https://www.aerotime.aero/pijus/25581-woes-for-boeing-continue-as-alafco-cuts-737-max-order|access-date=2020-10-29|website=www.aerotime.aero|language=en}}{{Cite web|date=2020-04-22|title=Boeing is sued for $336M over canceled 737 Max order|url=https://www.cnbc.com/2020/04/22/boeing-is-sued-for-336m-over-canceled-737-max-order.html|access-date=2020-10-29|website=CNBC|language=en}} It later withdrew the suit, agreeing to order 20 instead of the planned 40.{{Cite news|date=2020-08-04|title=Kuwaiti lessor halves Boeing 737 MAX order after ending legal claim|language=en|work=Reuters|url=https://uk.reuters.com/article/uk-boeing-737max-lawsuit-idUKKCN2501Q9|archive-url=https://web.archive.org/web/20200806005846/https://uk.reuters.com/article/uk-boeing-737max-lawsuit-idUKKCN2501Q9|url-status=dead|archive-date=August 6, 2020|access-date=2020-10-29}}
=Announced fleet expansions=
| class="wikitable" |
| Date
! Aircraft ! Delivery date ! Reference |
|---|
| 12 March 2007
| 12 Boeing 787-8, 6 Boeing 737-800 | n/a |
| 18 June 2007
| 7 Airbus A320 | 2015 |
| 8 July 2007
| 10 Boeing 787 | 2015 |
| 26 June 2011
| 12 Airbus A350-900 XWB |2017 | |
| 4 Nov 2012
| 20 Boeing 737 MAX 8 | |
| 13 November 2017
|40 (later reduced to 20) Boeing 737 MAX |TBA |
| Unknown
|43 Airbus A320neo, 10 A321neo |2024 onwards |
See also
{{Portal|Aviation}}
References
External links
- [http://www.alafco-kw.com/ ALAFCO website]
- {{YouTube|id=HOqm4t_65M4|title=ALAFCO expands commitment to 80 Airbus A320neo}}
{{Aircraft leasing companies}}
{{DEFAULTSORT:Alafco}}