JEDDAH — The Public Investment Fund (PIF) has announced a pivotal agreement to invest in Saudia Technic, a Saudia Group subsidiary. Known formerly as Saudia Aerospace Engineering Industries, Saudia Technic boasts of a rich heritage dating back to the 1960s and specializes in aviation maintenance, repair, and overhaul (MRO) services, including line, base, components, and engines. This strategic move by PIF and Saudia Group aims to elevate Saudia Technic to the status of a national MRO leader. The plan involves significant investments in infrastructure and technology to enhance efficiency and capitalize on the growing Saudi market in the coming decade. Saudia Technic is set to be the preferred MRO service provider for domestic and international airlines eyeing the Saudi market. Central to this development is the creation of a state-of-the-art, 1 million-square-meter MRO village in Jeddah. This facility will include a cutting-edge jet propulsion center, positioning Saudia Technic as a leading MRO entity in the Middle East. The expansion will notably increase hangar capacity and component shops, aligning Saudia Technic with the anticipated market demand in Saudi Arabia. The MRO village will also feature an engine test cell catering to next-generation aircraft engines, further bolstering Saudi Arabia's MRO capabilities through 2030. Raid Ismail, Co-Head of MENA Direct Investments at PIF, remarked, "PIF's investment in Saudia Technic marks a significant step in developing a world-class aviation sector in Saudi Arabia, highlighting our commitment to investing in a rapidly evolving global industry." Captain Fahd Cynndy, CEO of Saudia Technic, commented on the investment, saying, "This strategic partnership with PIF is a testament to our ambition of becoming a leading player in the global aviation industry. We are eager to work with PIF to transform the future of aviation in Saudi Arabia and beyond, focusing on enhancing our service capabilities and driving innovative solutions." This investment is part of Saudi Arabia's broader efforts to establish itself as a major global aviation hub. PIF's investments include the development of King Salman International Airport in Riyadh, projected to handle 120 million travelers by 2030, and the formation of The Helicopter Company and AviLease, aimed at improving local connectivity and supporting the growth of the nation's aviation ecosystem.
