Saudia Aerospace Engineering plans IPO in 2029: Report

24/10/2023 Argaam

Saudia Aerospace Engineering Industries (SAEI) plans to launch an initial public offering (IPO) by 2029, but the floatation in May happen before that, Asharq reported, citing the CEO Fahd Cynndy. 

 

On the sidelines of the Future Investment Initiative (FII) held in Riyadh, Cynndy said that SAEI has investments exceeding SAR 6 billion to launch an integrated village project for aviation restoration services at King Abdulaziz International Airport (KAIA). 

 

The Saudi Aviation Strategy, which targets boosting the number of passengers to 330 million annually from 100 million and 250 direct air destinations from the Kingdom, will have a significant impact on the global aviation sector not just in Saudi Arabia, he added. 

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