Saudi Arabian Military Industries (SAMI) is forming a joint venture with Figeac Aero to build a factory in the Kingdom to make aerostructure components. The joint venture’s revenue will reach $200 million by 2030 and Saudi Arabia will own 60% with the French company holding 40%.
SAMI explained that over 10 years, the SAMi-Fegiac joint venture would carry out a string of major investments, the majority of which will be financed by local financial institutions, including the launch of a new production facility in Jeddah. Saudi Arabian Industrial Investments Company (Dussur) is also a partner in the project.
The SAMi-Fegiac joint venture would carry out a series of major investments
The undertaking aims to expand Saudi Arabia’s aerostructure manufacturing capabilities, train Saudi engineers and technicians to work as part of the project and increase the localization of military and civil aerospace industries in line with Saudi Vision 2030.
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