RIYADH: Saudi Arabia’s Public Investment Fund on Thursday announced the signing of an agreement to invest in Saudia Technic, a subsidiary of Saudia Group.
Formerly known as Saudia Aerospace Engineering Industries, Saudia Technic provides services across key aviation maintenance, repair and overhaul segments, including line, base, components and engines.
PIF and Saudia Group will transform Saudia Technic into a national MRO champion by investing in infrastructure, boosting efficiency and capturing market growth in Saudi Arabia over the next decade, said an official press release.
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 (Arabia).”
Saudia Technic’s ambition is to become the MRO of choice for domestic airlines and global partners seeking access to the Saudi market.
The investment will support the development of an approximately 1 million-square-meter MRO village in Jeddah, including a state-of-the-art jet propulsion center that will expand Saudia Technic into the leading MRO in the Middle East.
Commenting on the deal, Capt. Fahd Cynndy, CEO of Saudia Technic, said: “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.”
The new MRO village will significantly increase hangar capacity and the number of component shops, successfully positioning Saudia Technic to capture Saudi Arabia’s future market demand by unlocking scale and efficiency across line, base, engine, and component segments.
According to the release, the MRO village will entail the construction and operationalization of an engine test cell that will serve next generation wide-body and narrow-body aircraft engines, solidifying Saudi Arabia’s MRO ambitions through 2030.
