Mohammad Sulaiman Al-Omar, General Manager of Kuwait Finance House (KFH) stated that KFH's investment in the aviation-related activities total over $ 1 billion. "Our investment take various forms, such as establishing independent companies operating in financing the purchase and chartering of aircraft (ALAFCO), or mutual funds, such as Malek, which currently owns 15 commercial aircraft." He explained, "Or bu financing several global and regional airlines to purchase new aircraft to expand their fleets." He continued, "the industry is rapidly growing." He commented.
In his address during the gathering organized by KFH in cooperation with Boeing, to which a group of businessmen, economists and key personnel in Kuwait's banks and financial institutions were invited, he stated that KFH's views aircraft as the world's best means of transport. "This idea makes them correspond to the objectives of the Islamic finance, as they represent a significant tool for the prosperity of mankind." He elaborated, "The call to gather one of the world's major aircraft manufacturer with the financial institutions capable of financing, as well as companies interested in the investment in aircraft, aims at developing relations between the three parties, discussing the market events, financing mechanisms, and developments in aircraft industry." He concluded.
On his part, Johan Mathews, CEO of Boeing Capital in the Middle East and Africa, stressed that the major aircraft manufacturers have carefully studied plans to respond to the latest developments in aircraft and air transport markets due to their 60 year experience and their high-tech capabilities. "The market is growing, witnessing the entry of small and economic players amidst the receding role of national or government companies, against the emerging role of private companies." He said, "Boeing expects a market growth of about $ 2.6 trillion over the coming two decades, where demand will be for about 28,000 aircraft, out of which about 1,200 aircraft for the Gulf region." He continued.
"Boeing follows a major policy in its aircraft current and future operations market, focusing on the idea of aviation. Thus, it is taking a direction towards manufacturing low-cost, medium-sized aircraft, with high operating returns and high technological characteristics." He elaborated.
Mathews also expressed his appreciation of the constant cooperation between Boeing and KFH, and considered that the meeting was more than successful. "During the gathering, we took note of the developments in the aircraft market, and increased exchange of information and opinions with major business figures." He added, "I would call on the Kuwaiti financial institutions to increase their investments in financing the purchase of aircraft." He concluded.
The gathering also witnessed a presentation by Mr. Ahmad Abdulla Al-Zabin, chairman and CEO of ALAFCO, showing the company's achievements, where the fleet grew to 19 aircraft, and assets amounted to $ 750 million. ALAFCO managed 15 aircraft for Malek Fund. The presentation also covered the recent business expansion plans after the company was listed in Kuwait Stock Exchange (KSE) by its major owners, i.e. KFH and Kuwait Airways Corporation. He showed some aspects of its future strategy in creating a fleet of 80 aircraft within the next decade.
Nadeem Fataleh, Director of Middle East and Africa Region for aircraft financing services of Boeing, gave a presentation on some