The Public Investment Fund (PIF) 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 has a long-established presence and rich legacy in Saudi Arabia, tracing its roots back to the 1960s. It provides services across key aviation maintenance, repair and overhaul segments (MRO), 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 by helping travellers specially Bangladeshis.
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.
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.
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.”
Captain Fahd Cynndy, CEO of Saudia Technic, added: "This strategic investment by PIF underscores our commitment to becoming a leader in the aviation industry. We are excited to work alongside PIF in shaping the future of aviation in Saudi Arabia and the region. "