PARIS, June 16 (Reuters) - Saudi leasing company

AviLease placed a firm order for 30 Airbus single-aisle

jets and 10 A350 freighters in its first direct deal with the

European planemaker, as Saudi Arabia's aviation ambitions kicked

off the Paris Airshow on Monday.

The three-year-old company, a unit of Saudi Arabia's Public

Investment Fund, also took out options that could eventually

bring the total purchase to 77 jets, AviLease CEO Ted O'Byrne

told a news conference.

Reuters had previously reported that AviLease was close to

placing the order with Airbus.

Saudi Arabia's newest airline, Riyadh Air, which is also

owned by PIF, also signed an order for 25 A350-1000s at the

opening of the world's largest aviation expo.

The air show deals mark a partial balancing of suppliers

after Gulf carriers spent heavily on Boeing ( BA ) jets during a

recent trip to the region by U.S. President Donald Trump.

Saudi Arabia's aviation sector is expanding as the kingdom

invests billions of dollars in its Vision 2030 plan to diversify

its economy away from fossil fuels and boost its private sector.

The order for freighters comes in the face of global trade

tensions, with existing models coming up for replacement and

some projects to convert passenger planes waiting for approval.

"There is a big potential growth in the Saudi market and

Saudi aviation strategy calls for more than doubling cargo and

logistics infrastructure in the kingdom," O'Byrne said.

A large Saudi delegation headed by the country's transport

minister attended the show.

AviLease owns and manages 200 aircraft and has set out

ambitions to become one of the industry's top global lessors. It

agreed in 2023 to buy the jet leasing arm of Standard Chartered ( SCBFF )

for $3.6 billion.

It said earlier this year it planned to increase its balance

sheet from around $8 billion to around $20 billion by 2030,

through acquisitions and buying planes from manufacturers or the

market.