Dubai: The Saudia Aerospace Engineering Industries (SAEI) will open a facility in Saudi Arabia for the maintenance, repair and overhaul of aircraft in a joint venture led by Turkey’s TAV, it said at the Dubai Airshow yesterday.
Covering an area of around 1 million square metres, the development will include 11 aircraft hangars, 28 aircraft component shops and an engine shop, and will be used for civil and military services. Four of the hangars will be for narrow body aircraft and another four for wide body aircraft. The other hangars will be used for painting and light maintenance, Nader Al Khalawi, chief executive of SAEI, told reporters.
The company is investing around 3.5 billion Saudi riyals in the project and is funding it using loans from Saudi banks, Al Khalawi said.
“We aim to service the region and we believe there is a lot of business both in the civil and military [sectors]. We are working with Boeing, GE and Lockheed [Martin] to develop civil and military capabilities,” he said.
The facility, located at the northeast of King Abdul-Aziz Airport in Jeddah, is scheduled to open by the end of 2016. The joint venture, led by TAV, also includes Al Habtoor Leighton Group and Al Rajhi.
SAEI is 70 per cent owned by the government and 30 per cent by private investors.