Ireland-based lessor AerCap has signed an agreement to sell a second portfolio of aircraft to Saudi Arabia’s NCB Capital and will provide new aircraft to long-term customer Air Macau.

In 2017, AerCap sold an initial batch of 21 aircraft to NCB Capital. The latest sale involves 19 aircraft, which AerCap described as a mix of mid-life Airbus and Boeing models, both narrowbody and widebody.  The company declined to provide further details of the aircraft involved.

The aircraft are formally being sold to Dara Aviation, an Ireland-based company established by NCB Capital, the brokerage arm of National Commercial Bank, Saudi Arabia’s largest bank.

“With this [latest] sale, AerCap will have sold or contracted to sell approximately $1.4 billion of mid-life assets to NCB since 2017,” AerCap CEO Aengus Kelly said.

All 19 aircraft in the latest group are in service with airlines around the world. As part of the sale, Dara Aviation has appointed AerCap as exclusive servicer. Under this arrangement, AerCap will provide lease management services, including aircraft technical management, lease administration and marketing services. AerCap is also responsible for servicing the earlier batch of aircraft.

AerCap also signed long-term lease agreements with Air Macau for three new Airbus A321neos. The first aircraft is scheduled to deliver in November 2020, with the two remaining aircraft delivering through October 2021.

“With the rapid development of Macau's economy, Air Macau is well placed to take advantage of this opportunity and to expand its network into new markets in China, Southeast and Northeast Asia,” Kelly said.  In 1995, Air Macau leased its first aircraft, three Airbus A321s and one A320, from AerCap.

Alan Dron