PIF bolsters aviation sector with investment in Saudia Technic

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The Saudi Public Investment Fund (PIF) has signed a deal to invest in Saudia Technic, a subsidiary of Saudia Group, according to a press release.

The two parties will transform Saudia Technic into a national maintenance, repair, and overhaul (MRO) champion by boosting efficiency and capturing market growth in Saudi Arabia over the next decade.

Meanwhile, the investment will back the development of a nearly 1 million-square-meter MRO village in Jeddah. This is in addition to a jet propulsion center that will expand Saudia Technic into the leading MRO in the Middle East.

In line with Saudi Arabia’s MRO ambitions through 2030, the MRO village will create an engine test cell that will serve next-generation wide-body and narrow-body aircraft engines.

Raid Ismail, Co-Head of MENA Direct Investments at PIF, indicated: “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.”

Fahd Cynndy, CEO of Saudia Technic, mentioned: "We aim to enhance our capabilities, drive innovation, and become the MRO of choice for airlines and partners worldwide."

Formerly known as Saudia Aerospace Engineering Industries, Saudia Technic offers services across key aviation MRO segments, including line, base, components, and engines.

Earlier in December, the Saudi PIF acquired a minority stake in Rocco Forte Hotels, which aimed to boost the brand’s expansion in both existing and new global markets.