Kuwait Finance House (KFH) signed a deal with the Turkish Airlines to lease 3 Airbus A320-200 aircrafts for 7 years, where ALAFCO will finance the purchase and lease of the aircrafts, in addition to managing the deal on behalf of KFH. Such a step reveals the high trust KFH has in the Turkish economy, which is evident by the numerous accomplishments that KFH has been making for the past 20 years since the establishment of KFH-Turkey in 1989.
KFH’s CEO Mohammed Al-Omar stated after signing the agreement in the presence of the Chairman of the Turkish Airlines Hamdi Topcu and the Chairman and CEO of ALAFCO Ahmed Al-Zeben, that KFH is keen on reinforcing its cooperation with Turkish companies and to boost its investments in this promising, robust market, particularly since KFH’s assets reached TR 6.5 billion (USD 5 billion), 145 branches in Turkey, and possesses a large market share among major Turkish banks, not to mention its recent expansion in the Gulf by opening a banks in Dubai and Bahrain, in addition to offices in Kazakhstan and a bank in Germany. He added that ALAFCO will manage the leasing operation on behalf of KFH, and that KFH is pleased to be able to provide the Turkish airlines with aircrafts, which will allow it to fulfill its expansion plans.
Meanwhile, Al-Zeben mentioned that ALAFCO has 5 leased Boeing aircrafts to the Turkish Airlines, in addition to 3 aircrafts leased to Sky Company. He added that ALAFCO is also managing Malek fund for leasing aircrafts on behalf of KFH, since the fund has strong ties with major airlines in Europe and the Middle East.