Riyadh: The Public Investment Fund (PIF) on Friday announced the signing of an agreement to invest in Saudia Technic, a subsidiary of Saudia Group.
The media statement added that '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.'
Formerly known as Saudia Aerospace Engineering Industries, Saudia Technic provides services across key aviation maintenance, repair and overhaul segments (MRO), including line, base, components and engines.
MRO village in Jeddah
The investment, the released added, 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.
The new MRO village is set to significantly increase hangar capacity and the number of component shops. The 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.
Saudi Arabia has been making investments and acquisitions towards its goal of becoming an aviation hub. These plans include the one for King Salman International Airport in Riyadh, which aims to have capacity for 120 million travelers by 2030.
Saudi Arabia's ambitious aviation goals are well on track with other initiatives such as The Helicopter Company - launched to enhance local connectivity and address that demand - and AviLease, an aircraft leasing company.