The National Development Fund of Iran has allocated 5% of its assets to buy planes. NDF board member, Mahmoud Dodangeh, said in April that close to USD 50 billion has been saved in the fund (Iran transfers 20% of its oil revenues to the NDF). In May, the head of the Iranian Civil Aviation Organization, Hamidreza Pahlavani, said that Iran plans to establish two new airlines in the current Iranian calendar year (ends March 20), adding that a number of planes will be added. Currently 18 airlines are in operation in Iran. The Civil Aviation Organization will remove 25 planes with over 30 years of service from the fleet, most of which are Boeing 707 and Boeing 727 models.