Saudi Arabian Military Industries (SAMI), a wholly-owned subsidiary of the Kingdom’s Public Investment Fund (PIF) and the National Champion of Military Industries Localization, has signed a joint venture agreement with France’s FIGEAC AÉRO Group, and the Saudi Arabian Industrial Investments Company (Dussur) to build a high-precision manufacturing facility in Saudi Arabia to produce aerostructures components.
The announcement was made during the Saudi-French Investment Forum held on the sidelines of the visit of French President Emmanuel Macron to Saudi Arabia. The agreement was signed by Eng. Walid Abukhaled, CEO of SAMI, and Jean-Claude Maillard, Chairman and CEO of FIGEAC AÉRO FIGEAC AÉRO, and Dr. Read Al-Rayes, CEO of the Saudi Arabian Industrial Investment Company “Dussur”.
The joint venture aims to develop Saudi Arabia’s aerostructure manufacturing capabilities, train Saudi engineers and technicians to work as part of the project, and boost the localization of military and civil aerospace industries in line with Saudi Vision 2030. Initial products will focus on machining and processing of light alloy (aluminum) and hard metal (titanium) aerospace parts.
“Through the establishment of this new joint venture, we at SAMI have further strengthened our commitment to supporting the development of a robust indigenous military industries sector in Saudi Arabia. By creating a distinctive partnership between local companies and a leading international player, we aim to accelerate the localization of advanced technologies in the aerostructures domain. In doing so, we shall also increase investment flows and create high-quality job opportunities for Saudi youth, in line with the targets outlined in Saudi Vision 2030,” said Ahmed bin Aqeel al-Khateeb, Chairman of SAMI.
Over a 10-year period, the project will encompass a series of major investments – most of which to be financed by local financial institutions – including the launch of a new production facility in Jeddah located at the site of the Aircraft Accessories and Components Company (AACC). Currently, four cutting-edge 5-axis CNC machines and supporting production equipment are being commissioned by FIGEAC AÉRO’s technical teams to manufacture the first products by the end of year 2021.
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