Riyadh, July 1: Saudi Arabia announced the founding of an aircraft leasing company named AviLease, as a way to diversify the kingdom's oil-reliant economy.

Sponsored by the Public Investment Fund (PIF), a sovereign wealth fund of Saudi Arabia, AviLease will focus on growing through purchase-and-leaseback deals with airlines, portfolio acquisitions, and direct orders from aircraft manufacturers, as well as considering corporate acquisitions as a means of expansion, Xinhua news agency quoted the state media as saying. Saudi Arabia Announces Discovery of Four New Oil and Gas Fields, Likely to Boost Production.

The launch of AviLease underlines PIF's goal to tap the potential of promising local industries in order to advance economic diversification and contribute to non-oil GDP growth. The PIF has established 54 companies in various sectors since 2017.

(The above story first appeared on LatestLY on Jul 01, 2022 12:45 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).