CAIRO: Saudi Arabian Military Industries (SAMI) is forming a joint venture with Figeac Aero to build a factory in the Gulf kingdom to make aerostructure components, SAMI said on Saturday.
It said in a statement that the joint venture's revenue would reach $200 million by 2030 and that Saudi Arabia would own 60% with the French company holding the other 40%.
SAMI said that over a 10-year period, the SAMiFegiac joint venture would carry out a series of major investments, most of which will be financed by local financial institutions, including the launch of a new production facility in Jeddah.
Saudi Arabian Industrial Investments Company (Dussur) is also a partner in the project, according to SAMIS's statement.
The project 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, SAMI said.
(Reporting by Yomna Ehab; Writing by Moataz Abdelrahiem; Editing by David Clarke)