Alafco takes delivery of nine out of twenty ordered aircraft during the first half of 2009

The break down is seven Airbus A320-200 and two Boeing B737-900ER aircraft of which two A320-200 aircraft were delivered to Kuwait national carrier Wataniya Airways, two A320-200 aircraft were delivered to Indian low cost carrier Go Airlines, three A320-200 aircraft were delivered to Kuwait based AREF Investment Group and two B737-900ER aircraft were delivered to Turkish operator Sky Airlines.

The company plans to take delivery of twenty aircraft in 2009. Having taken delivery of nine aircraft in the first half, ALAFCO is now prepared to take delivery of eleven new A320-200 aircraft during the second half of 2009.

Of those, six aircraft shall be delivered to Saudi Arabian Airlines, one to Kuwait's Wataniya Airways, and four to Pantheon Airways in Greece. Alafco has secured long leases on all the leased aircraft.

Mr. Alzabin said Alafco met all commitments to its customers despite the global financial crisis and credit crunch. He said Alafco has a very capable management team in place and is mindful of its reputation.

The financing was arranged in a timely manner through international banks, European Export Credit Agencies and local Islamic institutions. Export-Import Bank of the United States has also expressed support for financing Alafco's ordered aircraft.

Alafco has sixty one aircraft on order with Boeing and Airbus. Eighteen of these aircraft have been placed with carriers like Saudi Arabian Airlines and Oman Air. The company has ordered Boeing's B787 Dreamliner, Airbus' A350 XWB in addition to B737-800 and A320-200 aircraft. The company has been listed on the Kuwait exchange since 2006.