Saudi firm to built $765 mln facility with TAV

ANKARA

Saudi Aerospace Engineering Industries plans to build a $ 765.33 million aircraft maintenance and repair facility in Jeddah in joint venture with Turkish TAV, the Saudi company has said in statement.

Saudi Aerospace Engineering said the 1 million square meter facility would do both civil and military work and be the largest such installation in the Middle East.

The joint venture would also include Al Habtoor Leighton Group (HLG) and Al Rajhi Construction.

Planned for completion at the end of 2016, the facility would comprise 11 aircraft hangars and 28 aircraft component shops. TAV, a major Turkish airport o perator, offered services to 96 million passengers last year and foresees closing this year at over 100 million passengers served, CEO Sani Şener said late last month.

“We offered services to 96 million passengers in our domestic and foreign airports last year, thanks mainly to our operations in Istanbul. Our projection is to close this year with over 100 million,” he said at a meeting of the Balkan’s Rumelia Industry and Business Association in the northwestern province of Bursa. TAV increased its revenue by 17 percent to 508 million euros in the first half of 2015, the company said in July.