When Boeing was reeling from strikes and renewed safety scrutiny, an unexpected buyer emerged with a game-changing order. Lithuanian entrepreneur Gediminas Ziemelis struck a deal for up to 80 narrowbody jets through his Ireland-based leasing firm Avia Solutions Group, providing the US planemaker a crucial boost.
Ziemelis, 48, built his $1.5 billion fortune on &ldquo;wet leasing&rdquo;, a model where airlines rent aircraft complete with crew, maintenance, and insurance. Operating from Dubai, he runs a 187-plane fleet serving carriers like Eurowings and Viva Aerobus, offering rapid solutions when airlines face delivery delays or maintenance crunches.
Wet leasing, or ACMI, has become a lifeline for many carriers amid a global aircraft shortage. According to IBA Group, nearly 28% of airlines in emerging markets now use such services. In 2024, ACMI providers logged a record 920,000 block hours.
Ziemelis is betting on expansion, setting up global hubs to rotate aircraft and match shifting demand cycles. His aviation empire spans over 200 companies and 14,000 employees, with plans to grow the fleet to 700 aircraft by 2030.
His strategy is simple: speed, flexibility, and aggressive growth. &ldquo;You have to give your whole life to business,&rdquo; he said.

Lithuanian tycoon’s big Boeing bet pays off

Gediminas Ziemelis secured a major Boeing deal as wet leasing demand surges globally

Lithuanian tycoon’s big Boeing bet pays off

Gediminas Ziemelis secured a major Boeing deal as wet leasing demand surges globally

October 16, 2025 | 20:56 IST