IslamicFinance.de

Kuwait-based Alafco Aviation Lease and Finance is to delay delivery of its aircraft order from Airbus as a result of the impact of the global Covid-19 pandemic on the aviation industry. Although the number of aircraft impacted is unclear, reports suggest Airbus currently has 43 A320neo and ten A321neo jets on order to be delivered. Future pre-delivery payments between the company and Airbus will be realigned, along with a new delivery schedule, which will result in rescheduling the upcoming pre-delivery payments for this year and the upcoming three years to year 2024 and onward. Earlier this month it was revealed that Alafco had ended a $336 million legal dispute with US aerospace giant Boeing over a cancelled order.

Kuwait’s Alafco Aviation Lease and Finance Co. announced that Ahmad Alzabin will no longer be chief executive officer. The deputy CEO of the company - Abulqassim Abdul Ghaffar - will take over his position. Alfaco has not given any information on whether or not Alzabin has stepped down from his position as a chairman.