ALAFCO joins Kuwait Aviation Show 2020
KUWAIT: ALAFCO Aviation Lease and Finance Company (ALAFCO), a global aircraft leasing company headquartered in Kuwait, joined the Kuwait aviation show 2020 as a platinum sponsor. The event witnessed the presence of leading aviation professionals from across the world, for what was the second Kuwait Aviation Show held in Kuwait, under the Patronage of His Highness the Amir Sheikh Sabah Al-Ahmad Al-Jaber Al-Sabah.
The Kuwait aviation show 2020, which opened yesterday and runs through Saturday, is attended by leading industry experts, investors, regulators, and government officials to share their expertise in the aviation sector, in addition to senior representatives from
ALAFCO, participated in the exclusive, invite-only event.
Adel Al-Banwan CEO of ALAFCO, said, “Despite strong external headwinds which have impacted the pace of economic growth, the industry managed to achieve positive growth. Based on research by IATA, the overall industry revenue is forecasted to reach $872 billion (+4.0 percent on $838 billion in 2019).”
He added, “In the face of a volatile global economy and an increase in industry operating expenses, ALAFCO approved a cash dividend distribution of 8 fils per share, totaling KD 7.62 million, for the fiscal year ended 30 September, reporting a net profit of KD 17.7 million as at the end of the financial year. Global share of passenger aircraft operated in the Middle East has more than doubled in the last decade. Projected demand for aircraft maintenance, repair, and overhaul in the Middle East is projected to more than double from $4.1 billion in 2016 to circa $9.35 billion by 2025.”
Banwan said, “Our ongoing sponsorship and strategic partnership with the Kuwait aviation show is a testament to our commitment to support and grow the aircraft leasing market in Kuwait, throughout the GCC region and internationally. As one of the leading aircraft leasing companies, we strongly believe the necessity to partner and participate in such events and exhibitions, that are in line with our strategic objective to develop the overall ecosystem for aircraft leasing and finance.”
“We believe that Kuwait Aviation Show 2020 is a platform where ALAFCO can share its expertise with the list of guests and attendees, and potential partners and clients who are seeking aircraft leasing opportunity,” he concluded.