Aviation Lease & Finance Co., (Alafco) will probably not make any purchases next year because airlines are struggling to emerge from recession. The Kuwaiti company currently has 70 planes on order with Boeing Company and Airbus SAS. Chairman Ahmed Al Zabin said they will meet their target of delivering 18 aircraft to six customers this year but are planning to lease two less new planes in 2010.
Al Zabin said “We did remarkably well considering that the financing wasn’t always available.”. He said if the market comes back to normal, and if there is more demand, then they would make more purchases. He said they are slowing down their purchase of aircraft but will continue to look for opportunities for aircraft that are available on a sale and leaseback basis. Alafco just received their first new planes after previously limiting their business to buying planes, then renting them back to carriers.