RIYADH, Dec. 21 (Xinhua) -- Saudi Public Investment Fund (PIF) has decided to invest in building a massive aircraft maintenance, repair, and overhaul (MRO) facility at the Saudi port city of Jeddah.
Saudia (Saudi Arabian Airlines) Group's maintenance division, Saudia Technic has secured the investment upon reaching an agreement on Thursday with the PIF, the Saudi Press Agency reported.
Saudia Technic currently holds the capability for maintenance of lines, bases, components, and engines.
The new facility, covering approximately one million square meters, would provide hangar capacity and an increased number of component shops. It would include a jet propulsion center for engine maintenance, and an engine test cell to serve both widebody and narrowbody aircraft.
"PIF and Saudia Group will transform Saudia Technic into a national MRO champion by investing in infrastructure, boosting efficiency and capturing market growth in Saudi Arabia over the next decade," the report quoted a PIF statement as saying.
The investment would help Saudia Technic become the MRO of choice for domestic airlines and global partners seeking access to the Saudi market.
In the past few years, Saudi Arabia has been actively building itself into a global aviation hub. The efforts include the plan to expand the capacity of King Salman International Airport in Riyadh to handle 120 million travelers by 2030.
The kingdom also launched the Helicopter Company to enhance local connectivity and an aircraft leasing company, AviLease, to support market demands.
