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Taqnia Aeronautics conducting 4 projects worth $1bn

Taqnia Aeronautics conducting 4 projects worth $1bn
Taqnia Aeronautics will manafacture Black Hawk helicopters and Antonov aircrafts

Riyadh - Mubasher: Taqnia Aeronautics has four projects with a total value exceeding $1 billion, in line with the Saudi Vision 2030, said the company’s operations manager.

Projects include establishing production lines for Antonov aircrafts and Black Hawk helicopters, with investments totalling $400 million, and $250 million, respectively.

The other two projects are assembly lines for Chinese drones with more than $100 million, and a structures factory with $150 million, Hani Mohammed Radwan said in an interview with Al Arabiya on the sidelines of the Dubai Airshow.

The Saudi Technology Development and Investment Company (Taqnia) was established in June 2011 by Royal Decree to localize technology in Saudi Arabia and commercialize outputs of research and development centers.

The operations manager also noted that the company is trying to raise the local competent to 50%, indicating that it is also working to empower women in the Saudi kingdom as it helped the second Saudi female engineer ever to enter the field of aerospace in the company.

Taqnia Aeronautics is among the highest profitable companies in Taqnia Holding, Radwan added, expecting the company to list its shares in the Saudi Stock Exchange (Tadawul) with the next five years.