Saudia Group’s maintenance division, Saudia Technic, has secured investment from the kingdom’s sovereign fund to support development of an extensive facility.
The Saudi Arabian Public Investment Fund will assist with transforming the carrier’s aircraft servicing arm into a “national MRO champion”, says Saudia Group.
Under the scheme the investment will fund a 1 million m² MRO facility in Jeddah which will include a jet propulsion centre featuring an engine test cell for widebody and narrowbody powerplants.
“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,” the company states.
It says the facility will provide “scale and efficiency” across the line, base, engine, and component maintenance sectors.
“This strategic investment by [the Public Investment Fund] underscores our commitment to becoming a leader in the aviation industry,” adds chief executive Fahd Cynndy.
The company has not disclosed the extent of the investment.
But Saudia Technic, a recent rebrand under a corporate overhaul, says it has ambitions to become the “MRO of choice” for domestic airlines and other operators seeking Saudi access.
The Public Investment Fund has supported other high-profile aviation initiatives undertaken by the Saudi government, including the creation of lessor AviLease and the development of Riyadh’s King Salman international airport.
“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,” says the co-head of the fund’s Middle East and North Africa direct investments, Raid Ismail.
