The French company specializing in aeronautical subcontracting will participate in the construction of a production unit for high-precision aerostructure parts and in the training of engineers and technicians. The first parts produced will be elements in light alloys and hard metals.
The Figea Aéroc Group, based in Figeac in the Lot in France, a major global player in the aeronautics industry, has signed with SAMI (Saudi Arabian Military Industries), a 100% subsidiary of the Saudi Public Investment Fund (PIF) and Dussur (Saudi Arabian Industrial Investments Company) an agreement to create a joint venture in Saudi Arabia and which aims to build a factory for the production of high precision aerostructures parts.
This agreement was signed by Eng. Walid Abukhaled, CEO of SAMI and Jean-Claude Maillard, Chairman and CEO of Figeac Aéro. The objective of the joint venture is to develop Saudi Arabia’s industrial capacities in aerostructures, to train local engineers and technicians to work within the framework of the project and to promote the establishment of players in the military and aeronautical sector. civilians in accordance with the Kingdom’s Vision 2030.
The first parts produced will be elements in light alloy (aluminum) and hard metals (titanium).
“In the current context, finalizing this partnership represents a real opportunity for Figeac Aéro. It will not only establish our commercial positioning in the Middle East, but also open the doors to Saudi military and civilian industrial compensation markets. Our participation in SFAM will be in the minority, but the future investments of the Saudi company will be supported by strong local and state banking partners. Our role will be essential to lay the foundations for the future aeronautics industry in the Kingdom ”underlines Jean-Claude Maillard.
And Ahmed bin Aqeel Al-Khateeb, chairman of SAMI continued: “With the creation of this new joint venture, SAMI reinforces its commitment to support the development of a strong national military sector in Saudi Arabia. By creating this partnership between local companies and an international player, our ambition is to accelerate the localization of advanced technologies in the field of aerostructures. In addition, we will also increase investment flows and create new employment opportunities for young Saudi Arabians, in accordance with the objectives defined in the framework of the Saudi Vision 2030 plan ”.
Together, the three signatories will work with Saudi authorities and regulators to identify opportunities for technology and expertise transfer to the Kingdom, enhancing local potential and creating opportunities in the civil and military aviation industry. This joint venture represents an important step in the development of an industry for metals in their largest application, aeronautics.
This partnership will allow the Kingdom to integrate the supply chain of global aviation equipment manufacturers, develop the aviation industry in Saudi Arabia and serve as a catalyst for future growth.
In addition, it will allow the transfer of operational know-how to the Kingdom and will lead to the establishment of factories for the production of aeronautical components. The machines and production equipment will be commissioned by Figeac’s technical teams.
The first phase of development will be devoted to ramping up the facility which is expected to be completed by 2024, for an investment of approximately USD 50 million, comprising machinery, infrastructure, training and certification and is expected to generate USD 10 million in revenue by 2024.
The plant will employ 690 people from the Kingdom. In addition, a service contract of around 40 MUSD, through which Figeac Aéro will provide full industrial and technical support to SFAM, has also been put in place.