Partnership with ALAFCO heralded as ‘collaboration for nation’s future’
KUWAIT: Kuwait Airways, the official national airline of the State of Kuwait, welcomed the eighth of the 10th Boeing 777-300ER aircraft it has on order to Kuwait International Airport, on July 1. The eighth aircraft has been named ‘Auhah’ after the small island situated 41km east of the Kuwaiti mainland.
Following the recent partnership with ALAFCO, the Kuwait-based aircraft leasing company, the last four aircraft will now be financed as part of a ‘sale-lease-back’ agreement, each on 12-year leases. According to Kuwait Airways’ Chairman, Sami Fahad Al-Rushaid, the leasing arrangement underlines a strategic decision to ensure the short and long-term financial stability of the airline.
“The Kuwait Airways – ALAFCO collaboration will have wide-ranging influence on the stable growth and development of Kuwait Airways. This partnership is not just a key milestone for the airline, but it is also one that promotes the future success of the nation as a whole.”
“Since becoming chairman, in April, it has been a key priority to ensure the long-term financial stability of the airline. After conducting a review and doing our due diligence on the airline’s aircraft acquisition strategy, the board of directors and I concluded that 12-year leases for the four remaining aircraft presents the best way to apportion the airline’s exposure to risk and bring the airline back into profitability sooner,” added Rushaid.
On board the latest edition to Kuwait Airways’ fleet, included KAC’s technical team of engineers that’s comprised of Kuwaiti nationals. The Boeing 777-300ER (“ER” for Extended Range) is the second largest passenger aircraft in the skies today and boasts one of the longest ranges of any commercial passenger aircraft, at around 7,370 nautical miles (13,650 km). Kuwait Airways’ bespoke interior design offers a three-class cabin configuration: Royal, Business, and Economy. The latter is inclusive of a 54-seat Premium Economy section. The 777-300ER aircraft are the first to be painted in the airline’s dynamic new livery, as revealed at the Boeing Factory, in Everett, Washington State, in October last year.