Saudi, French firms ink deal to set up aircraft parts manufacturing hub – ArabianBusiness.com

Saudi, French firms ink deal to set up aircraft parts manufacturing hub – ArabianBusiness.com

Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Public Investment Fund (PIF), has signed a joint venture agreement to build a high-precision manufacturing facility in the kingdom to produce aircraft components.

The deal with France’s FIGEAC AÉRO Group and the Saudi Arabian Industrial Investments Company (Dussur) will establish SAMI FIGEAC AÉRO Manufacturing.

The announcement was made during the Saudi-French Investment Forum held on the sidelines of the visit of the President of France Emmanuel Macron to Saudi Arabia.

The joint venture aims to develop Saudi Arabia’s aerostructure manufacturing capabilities, train Saudi engineers and technicians to work as part of the project, and boost the localisation of military and civil aerospace industries in line with Saudi Vision 2030, a statement said.

Initial products will focus on machining and processing of light alloy (aluminum) and hard metal (titanium) aerospace parts, it added.

Ahmed bin Aqeel Al-Khateeb, chairman of SAMI, said: “By creating a distinctive partnership between local companies and a leading international player, we aim to accelerate the localisation of advanced technologies in the aerostructures domain.

“In doing so, we shall also increase investment flows and create high-quality job opportunities