Summary
- Royal Air Maroc has signed a $300 million lease deal with Air Lease Corporation for five new Boeing 737 aircraft, supporting the Moroccan carrier's expansion plans.
- The deal includes four 737 MAX 8s and one 737-800, expected to be delivered in 2024, strengthening the partnership between the two companies.
- Royal Air Maroc aims to modernize its fleet, increase capacity, and reduce its carbon footprint with the addition of new aircraft.
Los Angeles-based aircraft leasing firm Air Lease Corporation has signed a $300 million long-term lease contract with Royal Air Maroc for five new Boeing 737 family aircraft. The deal is part of the Moroccan carrier's plans to add up to ten new aircraft over the next couple of years.
Five more narrowbodies next year
Last month, Royal Air Maroc (RAM) announced that it was preparing tenders to acquire ten new aircraft, including seven narrowbodies and three widebodies. All of these will be acquired through lease agreements in line with the company's financial performance.
The contract with ALC includes four new 737 MAX 8s and one 737-800, expected to be delivered in 2024 from ALC's order book with Boeing. The American lessor already has a partnership with Royal Air Maroc, which will be strengthened by this new long-term contract. Air Lease Corporation Executive Chairman Steven F Udvar-Házy said in a statement;
"ALC is pleased to announce this lease placement for five Boeing 737 aircraft with Royal Air Maroc. We look forward to building our long-term relationship with RAM as they continue to modernize their fleet and grow their network, as well as maximize their competitive advantage with the most fuel-efficient aircraft in the market."
The Casablanca-based carrier is already a big Boeing customer, with 42 Boeing narrowbody and widebody jets making up 72.4% of its fleet. This includes 28 737-800s, five 787-8s, four 787-9s, and two 737 MAXs. One of its 737-800s is leased from ALC in a deal worth up to $17 million.
With single-aisle aircraft making up most of its fleet, RAM will be looking to expand its African and European offerings with the new 737s. This August, it is operating its narrowbodies to about 75% of its destinations, with 2,490 flights from ten Moroccan airports. Its top narrowbody destinations include Paris Orly (ORY), Agadir (AGA), Abidjan (ABJ), Barcelona (BCN), and Tunis (TUN).
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Ambitious fleet expansion plans
The North African air transport market has recovered to beyond pre-pandemic 2019 levels. In response to the exceptional demand for air travel, RAM is looking to expand and offer additional capacity to its regional and international destinations.
Last month, the Moroccan government announced plans to significantly enhance the national carrier's fleet by acquiring up to 150 new aircraft over the next 15 years. Its strategy will include phasing out older models to enhance the passenger experience while reducing its carbon footprint. The deal with ALC will support the airline's ambitious fleet expansion plans.
In the announcement made by Air Lease Corporation, Royal Air Maroc Chief Executive Officer Abdelhamid Addou said;
"Through this agreement with esteemed partners as ALC, Royal Air Maroc will receive additional aircraft that will strengthen and modernize our operational fleet, enabling us to consistently enhance the quality of service for our customers while also reducing our carbon footprint in line with our environmental commitment."
The addition of more aircraft also supports RAM's long-term plans to make Casablanca Mohammed V International Airport (CMN) one of Africa's main hubs by significantly increasing the number of inbound traffic. As such, the Moroccan government has set a target of attracting up to 65 million tourists by 2027.
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