Saudi industrial conglomerate Tasnee, Ministry of Investment (MISA) and Boeing have signed an Memorandum of Understanding to develop aviation grade titanium alloy value chains in Saudi Arabia.
Tasnee produces about 15.5 kilotonnes of Titanium Sponge annually, or 10 percent of the global production, which is used in aviation, nuclear submarines, missiles and satellite industries, Tasnee said in a statement.
Boeing suspended a contract with Russian state-owned Titanium producer, VSMPO-AVISMA in 2022 due to sanctions imposed in the aftermath of the Russia-Ukraine war.
Russia produces half of the world’s aerospace grade titanium triggering a supply chain issue for the industry.
(Writing by Sowmya Sundar; Editing by Anoop Menon)