Los Angeles Business Journal

Air Lease Places Jets with Saudi Carrier

By Deborah Crowe Thursday, April 4, 2013

Air Lease Corp. on Thursday said that it signed six-year lease agreements to provide three Airbus A320-200 aircraft to NAS Air, a fast-growing, low-cost Saudi Arabian airline.

NAS, which is based in Riyadh will take possession of each of the jetliners in May, August and October, said the Century City company founded and led by billionaire aircraft leasing pioneer Steven Udvar-Hazy.

NAS “has demonstrated excellent customer service and is expanding their route network, as well as increasing flight frequencies on their most popular markets," Alex Khatibi, Air Lease executive vice president, said in a statement.

This is Air Lease’s second such deal this week. The company on Monday said it signed a long-term lease agreement with low-cost Dutch carrier Transavia to provide two Boeing 737-800 aircraft that will be delivered in April 2015 and April 2016. Transavia, which is based in Haarlemmermeer, is part of the Air France/KLM Group.

Air Lease shares on Thursday closed up 27 cents, or 1 percent, to $27.47 on the New York Stock Exchange.