Riyadh – Mubasher: Advanced Metal Industries Co. has signed a memorandum of understanding (MoU) with the National Industrial Clusters Development Programme (NICDP), Al Salam Aerospace Industries Company and Figeac Aero Group to discover the opportunities for establishing an aircraft precision machining production plant in Saudi Arabia as part of Titanium Industries.

Advanced Metal Industries Co.- is a 50% subsidiary of National Industrialization Company (Tasnee).

The aircraft precision machining production facility will be for civil and military aircraft, Tasnee said in a bourse statement, adding that the deal will last for one year since the date of signing.

This project copes with economic plans of Saudi Vision 2030 to Saudise military and advanced industries in an effort to diversify the oil-rich nation's economy.

By 11:24 am KSA time, Tasnee's stock rose 7.23% to SAR 17.36.