Saudi SAMI creates components joint venture with Figeac Aero
VScorrects ownership to 60% Saudi / 40% in France against 51% / 49% in the second paragraph
CAIRO, December 4 (Reuters) – Saudi Arabian Military Industries (SAMI) creates a joint venture with Figeac Aero FGA.PA to build a factory in the Gulf Kingdom to manufacture aerostructure components, SAMI said on Saturday.
He said in a statement that the joint venture’s revenues will reach $ 200 million by 2030 and that Saudi Arabia will own 60% with the French company holding the other 40%.
SAMI said that over a 10-year period, the SAMiFegiac joint venture will make a series of major investments, most of which will be funded by local financial institutions, including the launch of a new production unit in Jeddah.
The Saudi Arabian Industrial Investments Company (Dussur) is also a partner in the project, according to the SAMIS press release.
The project aims to develop Saudi Arabia’s aerostructure manufacturing capabilities, train Saudi engineers and technicians to work under the project, and boost the localization of military and civilian aerospace industries in line with Saudi Vision 2030, SAMI said.
(Reporting by Yomna Ehab; Writing by Moataz Abdelrahiem; Editing by David Clarke)
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