Saudi Arabia’s Public Investment Fund (PIF) has announced the signing of a new agreement with Saudia Technic, formerly known as Saudia Aerospace Engineering Industries.
This aims to establish a national MRO champion in the aviation sector with the maintenance, repair and overhaul of aircraft in Saudi Arabia. The investment aims to lead the development of a one million square meter MRO village and jet propulsion center.
The MRO village will increase hangar capacity and component shops. Additionally, the village will entail the construction and operationalisation of an engine test cell serving wide-body and narrow-body engines.
Raid Ismail, Co-Head of MENA Direct Investments at PIF said: “PIF continues to invest in one of the world’s most dynamic and rapidly expanding sectors in an increasingly interconnected global economy. The investment in Saudia Technic is a significant milestone as we unlock capabilities, localize expertise and create a first-class, world-leading aviation sector in Saudi.”
Captain Fahd Cynndy, CEO of Saudia Technic said: “This strategic investment by PIF underscores our commitment to becoming a leader in the aviation industry. We are excited to work alongside PIF in shaping the future of aviation in Saudi Arabia and the region. Together, we aim to enhance our capabilities, drive innovation, and become the MRO of choice for airlines and partners worldwide.”
Saudi Arabia is solidifying its standing as a prominent global aviation hub by fostering new industry ecosystems and forging strategic partnerships. PIF has demonstrated a commitment to the sector through substantial investments, such as the plans for King Salman International Airport in Riyadh.
The expansion aims to accommodate 120 million travelers by 2030. Additionally, initiatives include the establishment of The Helicopter Company, geared towards improving local connectivity to meet the surging demand in Saudi Arabia.
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