JEDDAH: The Saudi Arabian Military Industries, a wholly owned subsidiary of the Public Investment Fund, on Saturday launched a joint venture with French company Figeac Aero and the Saudi Arabian Industrial Investments Co., Dussur, to build a high-precision manufacturing facility in the Kingdom to produce aerostructure components, SAMI said on Saturday.

The company said that the joint venture’s revenue would reach $200 million by 2030 and the ownership would be divided among the two countries. Fifty-one percent would be owned by Saudi Arabia and 49 percent by France.

SAMI also signed an agreement with Airbus to form a joint project specialized in military aviation services and maintenance, the statement said. As per the deal, the Kingdom would own 51 percent of the joint venture with the European planemaker holding the other 49 percent.

We are pleased to announce the launching of a JV with @figeacaero & @Dussur named #SAMIFIGEAC that will build a high-precision manufacturing facility in Saudi Arabia to produce aerostructures components#SaudiVision2030

— الشركة السعودية للصناعات العسكرية (@SAMIDefense) December 4, 2021

Aviation deals

Saudi Arabian Airlines signed an agreement with CFM International worth $8.5 billion at list prices, the carrier said in a statement.

The state-owned carrier, also known as Saudia, said “it has ordered CFM International LEAP-1A engines to power its new fleet of 35 Airbus A321neo and 30 A320neo aircraft.”

Low-cost Saudi airline flynas also signed an agreement with CFM International to maintain LEAP-1A engines in a deal valued at $4 billion, the Saudi Arabian budget carrier said.