The Saudi Military Industries Company announced on Saturday the launch of a joint venture with the French company Vijac Aero and Saudi Dussur to build an aircraft structure factory in the Kingdom.
The company added that revenues of the joint venture are expected to reach $200 million by 2030.
We are pleased to announce the launch of a joint venture with @figeacaero French Inc. @Dussur Basim #SAMIFegiac To build a high-precision manufacturing facility in the Kingdom for the production of aircraft structural components#Saudi_Vision_2030
— Saudi Military Industries (@SAMIDefense) December 4, 2021
It stated that the company’s capital is divided by 51 percent for the Saudi side and 49 percent for the French side.
The Saudi Company for Military Industries (SAMI), wholly owned by the Public Investment Fund and the national partner in the field of localization of military industries, announced the signing of a joint venture agreement with the French FIGEAC AÉRO Group and the Saudi Arabian Industrial Investments Company (Dossur), and the establishment of the SAMI FIGEAC Aero Manufacturing Company. LLC.” With the aim of building a high-precision manufacturing facility in Saudi Arabia for the production of aerostructure components.
The joint venture was announced during the Saudi-French Investment Forum, which was held on the sidelines of French President Emmanuel Macron’s visit to Saudi Arabia.
The joint venture seeks to develop the Kingdom’s capabilities in the manufacture of aircraft structures, in addition to training Saudi engineers and technicians to work as part of this project, and also promote the localization of the military and civil aviation industries in line with the Kingdom’s 2030 vision.
The primary products will focus on the manufacture and processing of light alloys (aluminum) and hard metal (titanium) for aircraft parts.