Provider of the four aircraft is lessor, Dubai Aerospace Enterprise (DAE), which signed a purchase and leaseback contract with the Saudi Arabian flag carrier. The first of the four cargo planes will be delivered in OCT26, the last jetliner is scheduled to joining the fleet in MAY27. In addition, the airline has launched a new scheduled freighter route connecting Dhaka (DAC), with Frankfurt (FRA). The launch of the Dhaka–Frankfurt service aligns with Saudia Cargo’s continuous operational and global network expansion strategy in reaction to the rise of the national competitors, Riyadh Air.
Under the agreement, DAE has bought the aircraft and entered into long-term leases with Saudia, in this way supporting the Saudi carrier’s cargo and network expansion. Firoz Tarapore, Chief Executive Officer of DAE, said “We are pleased to announce a purchase-leaseback agreement for four Boeing 777F aircraft with Saudia. The transaction reflects our continued commitment to supporting our airline customers with high-quality, in-demand aircraft. These aircraft will support the airline’s expanding cargo operations and enhance its ability to serve key markets across its global network. We look forward to working with Saudia and wish them continued success.”
The lessor serves over 200 airline customers in over 80 countries, from eight office locations in Dubai, Dublin, London, Amman, Singapore, Miami, Seattle, and San Francisco. The lessor owns and manages a fleet of approximately 1,000 Airbus, ATR, and Boeing aircraft, with a total value of USD 35 billion. Recently, it acquired Sydney, Australia-based Macquarie AirFinance Limited (MAF), and announced the formation of two long-term co-investment programs which will add approximately USD 15 billion of new aircraft assets over the next five years to DAE’s current fleet.
Dhaka-Frankfurt nonstop
The introduction of the Dhaka–Frankfurt route expands Saudia Cargo’s intercontinental reach, providing faster transit times for international shipments. Bangladesh serves as a key manufacturing and export hub in Asia – particularly for ready-made garments, textiles, and perishable goods – while Frankfurt represents one of Europe’s primary logistics hubs and financial centers. The new service offers commercial partners and freight forwarders seamless, streamlined access to major consumer and industrial markets across Europe, is stated in a Saudia Cargo press release. It facilitates the movement of high-demand commodities, including textiles, pharmaceuticals, industrial equipment, and e-commerce shipments between Bangladesh and central Europe. The twice-weekly frequency provides reliable capacity to meet growing market demand for swift cross-border delivery.
External and internal competition is rising
Saudia stresses that the Dhaka–Frankfurt service is supported by ongoing investments to enhance operational capacity and modernize the carrier’s dedicated cargo fleet. The reasons for this operational and strategic offensive include not only the disruptions to air traffic in the Middle East caused by the U.S. and Israel’s war against Iran and Iranian counterattacks on the Gulf region, but also growing international competition and the establishment of Riyadh Air, an internal competitor in Saudi Arabia.
On 10JUN26, a Boeing 787 operated by Riyadh Air landed at London Heathrow for the first time, arriving from the Saudi capital, Riyadh. The newcomer is initially scheduled to fly from Riyadh to London, Manchester, Madrid, Cairo, and Dubai, as well as to the Saudi coastal city of Jeddah. In the coming years, flights to 100 destinations are planned.
Riyadh Air is the country’s second state-owned airline alongside Saudia, and is intended to help advance the kingdom’s reform program known as ‘Vision 2030’.
This program calls for the expansion of tourism, trade, and logistics to reduce dependence on oil. In doing so, passenger and cargo airlines from Saudi Arabia are competing with established industry giants such as Emirates, Etihad, and Qatar Airways.
