Aviation finance company Avolon completed the delivery of five new Airbus A320neos to Middle Eastern low-cost carrier Flynas. The fifth aircraft departed from Airbus’ delivery center in Toulouse on Nov. 8, completing a sale and leaseback transaction for the aircraft agreed to in May 2022.

Avolon now has 11 aircraft on lease to Flynas, consisting of six A320neos, three A320ceos and two A330-300s. The recent deliveries take Flynas’ fleet to 54 aircraft, including 45 A320neos. They will support Flynas’s growing operations, which currently include more than 1,500 flights per week to more than 70 destinations.

“This transaction with Flynas expands our relationship with one of the Middle East’s fastest growing airlines,” Paul Geaney, president and chief commercial officer at Avolon, said. “We are seeing a high level of sale and leaseback opportunities in the market, and we are benefiting from our ability to execute at scale. The leasing industry is enjoying continued high demand from customers, which we expect to be the case for the foreseeable future.”