National Industrialization Co's (Tasnee) subsidiary Advanced Metal Industries Co. (AMIC) on Monday signed a memorandum of understanding (MoU) to explore setting up an aircraft precision machining production facility in Saudi Arabia, the company said in a statement to Tadawul on Tuesday.
The deal was signed with the National Industrial Clusters Development Program (NICDP), Al Salam Aerospace Industries Company, and Figeac Aero Group.
The MoU will be effective from the date of signing for a period of one year, with the facility servicing both civil and military aircraft.
The new project is in line with the Kingdom’s aim of localizing military and advanced industries as well as diversifying the national economy, under the Vision 2030 program.
AMIC is owned 50 percent by Tasnee and 50 percent by Cristal. Cristal, in turn, is 79 percent owned by Tasnee.
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