{"id":75743,"date":"2023-12-25T00:00:00","date_gmt":"2023-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/25\/pif-to-invest-in-saudia-technic\/"},"modified":"2023-12-25T00:00:00","modified_gmt":"2023-12-25T00:00:00","slug":"pif-to-invest-in-saudia-technic","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/logistics\/2023\/12\/25\/pif-to-invest-in-saudia-technic\/","title":{"rendered":"PIF to invest in Saudia Technic"},"content":{"rendered":"

PIF <\/strong>to help Saudia Technic develop Jeddah MRO village:<\/strong> Saudi sovereign wealth Public<\/a>Investment Fund (PIF)<\/a> has signed an agreement to invest in Saudia Group<\/a> subsidiary and aviation maintenance, repair, and overhaul (MRO) outfit Saudia Technic<\/a>, according to a press release<\/a>. PIF\u2019s 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.<\/p>\n

Details: <\/strong>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.<\/p>\n

What they said: <\/strong>The investment represents a move by PIF to unlock potential and \u201clocalize expertise\u201d in the fast growing MRO sector, Co-Head of MENA direct investments at PIF Raid Ismail said. <\/p>\n

PIF has been doubling down on investments in KSA\u2019s aviation sector: <\/strong>These have included plans for the world\u2019s largest airport<\/a> \u2014 King Salman International Airport \u2014 which is slated to host 120 mn passengers a year by 2030, the establishment of Riyadh Air<\/a>, a wholly PIF-owned carrier, and a move to bolster the fleet<\/a> of PIF-owned aircraft lessor AviLease<\/a>. <\/p>\n","protected":false},"excerpt":{"rendered":"

Investment to support new 1 mn sqm MRO village in Jeddah<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[45],"tags":[145,44,263,31],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-75743","post","type-post","status-publish","format-standard","hentry","category-investment-watch","tag-aviation","tag-investment-watch","tag-pif","tag-saudi-arabia","wpautop","entry"],"acf":{"mongo_id":"4d5212f8-15a0-498f-82df-b878bb41b0dd","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/12\/1542.jpeg,https:\/\/bit.ly\/3RzrufQ","photo_position":"above","homepage_title":"","full_issue_title":"PIF to invest in Saudia Technic","related_issue":[75731],"teaser":"Investment to support new 1 mn sqm MRO village in Jeddah","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.b336adda-919b-4dff-a092-40cafdd464e7.mp3"},"yoast_head":"\nPIF to invest in Saudia Technic - 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