Tag Archives: subsidiary

PIF invests in Saudia Technic to create leadership edge in MRO

The Public Investment Fund (PIF) has signed an agreement to invest in Saudia Technic, a subsidiary of Saudia Group.

Formerly known as Saudia Aerospace Engineering Industries, Saudia Technic has a long-established presence and rich legacy in Saudi Arabia, tracing its roots back to the 1960s. It provides services across key aviation maintenance, repair and overhaul segments (MRO), including line, base, components and engines.

PIF and Saudia Group will transform Saudia Technic into a national MRO champion by investing in infrastructure, boosting efficiency and capturing market growth in Saudi Arabia over the next decade. Saudia Technic’s ambition is to become the MRO of choice for domestic airlines and global partners seeking access to the Saudi market.

The investment will support the development of an approximately 1 million-square-meter MRO village in Jeddah, including a state-of-the-art jet propulsion center that will expand Saudia Technic into the leading MRO in the Middle East. The new MRO village will significantly increase hangar capacity and the number of component shops, successfully positioning Saudia Technic to capture Saudi Arabia’s future market demand by unlocking scale and efficiency across line, base, engine, and component segments. The MRO village will entail the construction and operationalization of an engine test cell that will serve next generation wide-body and narrow-body aircraft engines, solidifying Saudi Arabia’s MRO ambitions through 2030.

Raid Ismail, Co-Head of MENA Direct Investments at PIF, said, “PIF continues to invest in one of the world’s most dynamic and rapidly expanding sectors in an increasingly interconnected global economy. The investment in Saudia Technic is a significant milestone as we unlock capabilities, localize expertise and create a first-class, world-leading aviation sector in Saudi.”

Captain Fahd Cynndy, CEO of Saudia Technic, added, “This strategic investment by PIF underscores our commitment to becoming a leader in the aviation industry. We are excited to work alongside PIF in shaping the future of aviation in Saudi Arabia and the region. Together, we aim to enhance our capabilities, drive innovation, and become the MRO of choice for airlines and partners worldwide.”

Saudi Arabia is firmly cementing its position as a global aviation hub. Stimulating new industry ecosystems and partnerships, PIF has already made significant investments in the sector. These include plans for King Salman International Airport in Riyadh, which aims to have capacity for 120 million travelers by 2030. Other initiatives include the launch of The Helicopter Company which was created to enhance local connectivity and meet fast growing demand in Saudi; and AviLease, an aircraft leasing company designed to support the growth of the country’s expanding aviation ecosystem.

Yatra, Aramco Asia sign deal for corporate travel solutions

Yatra Online, Inc. and Aramco Asia India, a wholly owned subsidiary of Aramco, has signed an agreement to enhance corporate travel management services.

Yatra Online, Inc., will extend its services to meet the diverse travel requirements of Aramco Asia India. This collaboration is rooted in Aramco Asia’s specific preferences and emphasizes Yatra’s dedication to delivering exceptional service, cost efficiency, and cutting-edge technology.

Sabina Chopra, COO-Corporate Travel and Head – Industry Relations, Yatra Online Limited, said, “This partnership is a big step for us, and we’re excited to offer Aramco Asia our top- notch travel management services. With our ‘Yatra for Business’ platform’s advanced technology and our quick customer onboarding, we’ve solidified our leadership in corporate travel. We’re committed to providing Aramco Asia with excellent travel experiences, saving costs, and making their operations even more efficient.”

Mohammed Al-Herbish, Managing Director, Aramco Asia India, said, “This strategic partnership will provide Aramco Asia with the opportunity to avail the efficient and reliable travel services of Yatra Online. The collaboration reflects our commitment to delivering a seamless and enhanced travel experience for our employees across Asia.”

Yatra Online, Inc. is poised to deliver a high-touch travel management experience to Aramco Asia, demonstrating a commitment to comprehending and fulfilling the distinctive travel requirements of Aramco Asia. This partnership aims to facilitate a seamless and enjoyable journey for Aramco Asia’s employees through a user-friendly platform, allowing convenient booking of flights, hotels, trains, and other ancillary services.

The strategic partnership is anticipated to offer holistic travel solutions to Aramco Asia’s subsidiary offices in India, Japan, Korea, Singapore, and Australia. Leveraging its industry-leading expertise, global network, and advanced technology, Yatra Online, Inc. aims to optimise Aramco Asia’s travel logistics and enhance the overall travel experience for its employees.

IndiGo to set up aircraft leasing unit in Gift city

IndiGo is setting up an aircraft leasing subsidiary in Gujarat, following a similar move by Air India Ltd as the country’s two biggest carriers enlarge their fleet. The budget airline, which has a market share of 63% in India, also plans to order 10 additional Airbus SE A320neo aircraft, expanding a 300-jet deal inked in 2019, its parent InterGlobe Aviation Ltd said in a stock exchange filing.

Airlines in India are ramping up capacity to capture a boom in passenger traffic in one of the world’s fastest-growing aviation markets. IndiGo also placed a record order with Airbus for 500 aircraft in June, following Air India’s purchase of 470 jets from Airbus and Boeing. Akasa is also finalizing a deal for narrow-body planes. IndiGo will invest as much as INR 30 crore in the wholly-owned leasing unit and provide corporate guarantees of up to $996 million as security against financial obligations.