Saudi Arabian Military Industries has announced the acquisition of a majority stake in Aircraft Accessories & Components Co Ltd
Saudi Arabian Military Industries (SAMI) has announced the acquisition of a majority stake in Aircraft Accessories & Components Co Ltd (AACC), a Saudi entity of the Economic Offset Program.
The deal for AACC focuses on maintenance, repair and overhaul (MRO) for aircraft hydraulics and secondary power systems for multiple platforms is part of SAMI's ongoing efforts to develop a sustainable domestic defence sector in Saudi Arabia.
Following the acquisition, SAMI said the scope of operations of AACC will be expanded to include repairing and maintaining civil aircraft landing gear and increasing non-destructive testing and helicopter maintenance capabilities.
The acquisition will also enable the company to expand its services to other Middle East and North Africa (MENA) markets.
Dr Andreas Schwer, CEO of SAMI, said: “Acquiring a majority stake in Aircraft Accessories & Components Co Ltd is a key factor in the strategic development of SAMI. The MRO market promises tremendous opportunities for us.”
Dr Mansour Al-Eid, CEO of AACC, added: “The aviation industry in Saudi Arabia is booming in conjunction with the establishment of SAMI and the General Authority for Military Industries (GAMI). They will both contribute to the localization of military industries, invest in building local capabilities, create jobs for Saudi citizens, and join efforts with national companies to achieve the objectives of the Saudi Vision 2030.”
The Royal Saudi Air Force has recently agreed a contract with AACC to overhaul and purchase landing gear for multi-role tanker transport aircraft. AACC currently overhauls landing gear for military aircraft and is cooperating with Safran Landing Systems to develop the capability to overhaul landing gear for civil aircraft in the Gulf and MENA regions.
Since its inception in mid-2017, SAMI’s mandate has advanced across aeronautics, land systems including military vehicles, defence electronics including naval systems, and weapons and
To help achieve the mandate, AACC will become part of SAMI’s Aeronautics division planned in Jeddah, a statement said.For all the latest tech news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.