Kuwait-based aviation leasing and finance company Alafco has signed a $4.6bn order for 50 Airbus A320neo aircraft.

The deal, which was signed during the Dubai Airshow, also includes options for 30 additional planes. The options will be finalised by the end of the year, says Ahmed al-Zabin, chairman of Alafco. The aircraft will be delivered between 2017 and 2021.

“The A320neo is the market’s favourite single-aisle aircraft family,” al-Zabin says. “The significant fuel savings it offers, combined with the operational reliability and cost effectiveness of the A320 family, make it an absolute must-have in our portfolio to meet the demand and the requirements of our customers.”

The A320neo offers a 15 per cent reduction in fuel costs.