Saudi Arabia’s Public Investment Fund signed an agreement to invest in aviation services company Saudia Technic, a subsidiary of aviation major Saudia Group, as the kingdom seeks to boost non-oil income and diversify its economy away from hydrocarbons.
Saudia Technic, formerly known as Saudia Aerospace Engineering Industries, provides services across aviation maintenance, repair and overhaul segments (MRO), including line, base, components and engines, according to a statement from the PIF on Friday.
The PIF and Saudia Group will transform Saudia Technic into a “national MRO champion” by investing in infrastructure, improving efficiency and capturing market growth in Saudi Arabia over the next decade, the statement added.
The value of the investment was not disclosed.
“The investment in Saudia Technic is a significant milestone as we unlock capabilities, localise expertise and create a first-class, world-leading aviation sector in Saudi Arabia,” Raid Ismail, co-head of Middle…
