PIF to help Saudia Technic develop Jeddah MRO village: Saudi sovereign wealth PublicInvestment Fund (PIF) has signed an agreement to invest in Saudia Group subsidiary and aviation maintenance, repair, and overhaul (MRO) outfit Saudia Technic, according to a press release. PIF’s investments will support the development of a 1 mn sqm MRO village in Jeddah, the statement said. The value of the transaction was not disclosed.

Details: The planned 1 mn sqm MRO village in Jeddah will include an advanced jet propulsion center, boosted hangar capacity, and component shops that are slated to yield scale and efficiency benefits in the line, base, engine, and component segments. The facility will also see the construction and operationalization of a new engine test cell that can service next generation narrow and wide-body aircraft engines, the statement said.

What they said: The investment represents a move by PIF to unlock potential and “localize expertise” in the fast growing MRO sector, Co-Head of MENA direct investments at PIF Raid Ismail said.

PIF has been doubling down on investments in KSA’s aviation sector: These have included plans for the world’s largest airport — King Salman International Airport — which is slated to host 120 mn passengers a year by 2030, the establishment of Riyadh Air, a wholly PIF-owned carrier, and a move to bolster the fleet of PIF-owned aircraft lessor AviLease.

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