CDB Aviation Executes Sale and Leaseback Transaction with New Middle Eastern Customer Jazeera Airways

CDB Aviation, a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), announced today the signing of a sale and leaseback agreement for two Airbus A320neo aircraft with a new customer in the Middle East, Kuwaiti carrier Jazeera Airways (“Jazeera”).

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The transaction for two Airbus A320neo aircraft will aid the Kuwaiti carrier's efforts to reinforce its position as one of the strongest airlines in the region. (Photo: Business Wire)

The two neos will be configured with 174 economy class seats. The airline is expected to take delivery of the aircraft in September 2022.

“We’re thrilled to welcome a new customer in a new jurisdiction for our company,” pointed out Paul Boyle, CDB Aviation’s Head of Europe, the Middle East & Africa. “These aircraft will enable Jazeera to make further progress in expanding its services and capacity to serve short and medium-haul routes as it reinforces its position as one of the strongest airlines in the region.”

“Jazeera has a strong focus on growth over the coming years, and our fleet expansion plans have been greatly assisted by this new agreement with CDB Aviation,” Rohit Ramachandran, Chief Executive Officer of Jazeera Airways. “By taking two additional A320neos this year, we will be able to add more destinations to our network and increase frequencies on popular routes. We are pleased to be partnering with CDB Aviation to enable this important deal.”

Peter Goodman, CDB Aviation’s Chief Commercial Officer, concluded: “Notwithstanding the unprecedented challenges brought on the air travel industry, the pandemic created unique opportunities for airlines to tap into latent demand and expand into underserved markets. With its resiliency and resourcefulness in adapting business operations and monetizing strong and revenue-generating opportunities, Jazeera is a success story for both the Kuwaiti airline sector and the increasingly important Middle Eastern market, where we continue to grow our platform’s footprint.”

Forward-Looking Statements

This press release contains certain forward-looking statements, beliefs or opinions, including with respect to CDB Aviation’s business, financial condition, results of operations or plans. CDB Aviation cautions readers that no forward-looking statement is a guarantee of future performance and that actual results or other financial condition or performance measures could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as “may”, “will”, “seek”, “continue”, “aim”, “anticipate”, “target”, “projected”, “expect”, “estimate”, “intend”, “plan”, “goal”, “believe”, “achieve” or other terminology or words of similar or analogous meaning. These statements are based on the current beliefs and expectations of CDB Aviation's management and are subject to significant risks and uncertainties. Accordingly, you should not rely upon forward-looking statements as a prediction of actual results and we do not assume any responsibility for the accuracy or completeness of any of these forward-looking statements. Except as required by applicable law, we do not undertake any obligation to, and will not, update any forward-looking statements, whether as a result of new information, future events or otherwise.

About Jazeera Airways

Jazeera Airways operates commercial and cargo flights out of its Jazeera Terminal T5 at Kuwait International Airport. The airline flies to over 45 popular destinations across the Middle East, Central & South Asia, Africa, and Europe comprising high-demand business, leisure and weekend destinations. www.jazeeraairways.com

About CDB Aviation

CDB Aviation is a wholly owned Irish subsidiary of China Development Bank Financial Leasing Co., Limited (“CDB Leasing”), a 36-year-old Chinese leasing company that is backed mainly by the China Development Bank. CDB Aviation is rated Investment Grade by Moody’s (A2), S&P Global (A), and Fitch (A+). China Development Bank is under the direct jurisdiction of the State Council of China and is the world’s largest development finance institution. It is also the largest Chinese bank for foreign investment and financing cooperation, long-term lending and bond issuance, enjoying Chinese sovereign credit rating.

CDB Leasing is the only leasing arm of the China Development Bank and a leading company in China’s leasing industry that has been engaged in aircraft, infrastructure, ship, commercial vehicle and construction machinery leasing and enjoys a Chinese sovereign credit rating. It took an important step in July 2016 to globalize and marketize its business – listing on the Hong Kong Stock Exchange (HKEX STOCK CODE: 1606). www.CDBAviation.aero

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