Kuwait Airways (KA.UL) has unveiled plans to lease a total of eight Airbus passenger jets over a span of ten years, as disclosed by Chairman Ali Aldokhan on Sunday.
The government-owned airline is currently evaluating offers from leasing companies. According to Aldokhan’s statements during a press briefing, the lease duration for these aircraft, all of which are Airbus 321 neo models, will range between eight and ten years.
This prospective leasing initiative is in addition to Kuwait Airways’ significant deal with Airbus in 2022, which involved the purchase of 31 planes. Of this total, 18 aircraft have already been received by the airline.
Despite the substantial impact of the COVID-19 pandemic on airlines globally, several Gulf carriers have witnessed a rapid rebound in demand. They play a pivotal role in their respective governments’ endeavors to diversify their economies, focusing on sectors like tourism.
Aldokhan noted that Kuwait Airways has encountered a year-on-year increase of 38% in jet fuel costs since the commencement of 2023.
Concurrently, Kuwait Airways is engaged in discussions with Kuwait Petroleum Corporation to establish a discount mechanism aimed at reducing the airline’s expenditure on jet fuel. CEO Maen Razouqi conveyed this during the same press conference.
Reporting was conducted by Ahmed Hagagy, with writing contributions by Adam Makary and Tala Ramadan. The editing process involved David Goodman and Susan Fenton.