SAMI concludes its participation as the Platinum Sponsor of the first Aerospace Connect Forum
Riyadh, Saudi Arabia: SAMI, the national defense and security champion, a PIF company, successfully concluded its participation as the Platinum Sponsor of the first Aerospace Connect Forum, held in Jeddah from February 24–25, 2025. Under the patronage of His Excellency Mr. Bandar bin Ibrahim Al-Khorayef, Minister of Industry and Mineral Resources, and organized by the Industrial Center and co-hosted by the General Authority of Civil Aviation, the forum was successful in driving innovation, promoting the localization of aerospace technologies in alignment with Vision 2030 and creating an ideal platform for international collaboration and investment.
The forum was inaugurated by His Excellency Abdulaziz bin Abdullah Al-Duailej, President of the General Authority of Civil Aviation, and His Excellency Eng. Khalil bin Ibrahim bin Salamah, Deputy Minister of Industry and Mineral Resources for Industrial Affairs, who also visited the SAMI pavilion. As a Platinum Sponsor, SAMI's presence at the forum was particularly significant, showcasing its key division, SAMI Aerospace, through its subsidiaries, SAMI Alsalam Aerospace Industries, SAMI Figeac, SAMI Aerospace Mechanics and SAMI AEC.
SAMI Figeac presented its latest innovations in aerospace components, including metal parts used in aircraft parts, floor beams, wing ribs, and Tailcone panels. Additionally, the F-15SA pylons, designed for mounting external equipment such as fuel tanks beneath aircraft wings, were showcased. These pylons are manufactured at SAMI Alsalam Aerospace Industries' facilities.
Experts from across SAMI's divisions participated in a panel discussion titled "Trends, Challenges and Best Practices for Ensuring Aircraft Reliability and Safety," where they discussed the company's continuous efforts to enhance local aerospace manufacturing capabilities and identified opportunities for growth within the sector.
At the close of the first day, and His Excellency Eng. Khalil bin Ibrahim bin Salamah, Deputy Minister of Industry and Mineral Resources for Industrial Affairs, alongside SAMI CEO, Eng. Thamer AlMuhid, and accompanying delegation toured the SAMI Aerospace Mechanics and SAMI Figeac Aero Manufacturing facilities. The visit provided an opportunity to assess progress, review advanced manufacturing technologies, and explore the Kingdom's growing industrial capabilities in aerospace, reinforcing the commitment to localizing 50% of Saudi Arabia's military spending by 2030.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arabian Post
2 hours ago
- Arabian Post
Aramco's $5bn Bond Sale Highlights Investor Appetite Amid Market Volatility
Arabian Post Staff -Dubai Saudi Aramco has successfully raised $5 billion through a three-part dollar-denominated bond issuance, marking its return to the international debt market. The offering comprises five-year, ten-year, and thirty-year tranches, with the longest maturity attracting nearly half of the total proceeds. The 30-year tranche, amounting to approximately $2.5 billion, was priced at a spread of 185 basis points over U.S. Treasuries, reflecting strong investor demand despite prevailing market uncertainties. The five-year and ten-year tranches were priced at spreads of 80 and 130 basis points over Treasuries, respectively. These tighter spreads indicate robust confidence in Aramco's creditworthiness and the broader appeal of long-dated corporate debt. ADVERTISEMENT Aramco's bond sale comes amid a backdrop of heightened volatility in the U.S. Treasury market, with 30-year yields fluctuating due to concerns over fiscal policy and rising national debt. Despite these challenges, investors have shown a keen interest in long-term corporate bonds, as evidenced by similar issuances from Alphabet, Siemens, and Snam, which have also been well-received. The success of Aramco's bond offering underscores a broader trend where investors are seeking higher yields through long-duration corporate debt, even as government bond yields remain volatile. This shift is partly driven by the search for stable returns in a low-interest-rate environment and concerns over inflation and fiscal sustainability. Aramco's move aligns with its strategic objectives under Saudi Arabia's Vision 2030 plan, aiming to diversify the kingdom's economy beyond oil. The funds raised are expected to support Aramco's international expansion and investment in non-oil sectors, reinforcing its commitment to long-term growth and diversification. The bond issuance also reflects Aramco's proactive approach to capital management, leveraging favourable market conditions to secure funding at competitive rates. By tapping into the global debt market, Aramco demonstrates its financial resilience and adaptability in navigating complex economic landscapes.
Gulf Today
13 hours ago
- Gulf Today
MoU worth Dhs1 billion signed to develop and expand Ajman Port
Sheikh Ammar Bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, witnessed the signing of a Memorandum of Understanding (MoU) between the Department of Port & Customs Ajman (DPC), and Hutchison Ports, a global port investor, developer and operator, for the expansion and development of Ajman Port's infrastructure with a joint investment worth Dhs1 billion. Under the MoU, a development plan will be drawn up for Ajman Port in accordance with the best global practices. The goal is to enhance handling efficiency in terms of performance, safety, and operational speed; attract new shipping lines; align with digital transformation plans; and launch AI-powered programmess for port operations through an integrated 15-year plan aimed at managing, operating, and developing the port, solidifying its position as a vital logistics hub in the region. Sheikh Ammar Bin Humaid Al Nuaimi stated: 'We welcome the signing of the MoU between the Department of Port & Customs Ajman and Hutchison Ports, which paves the way for a strategic, exceptional, and vital project that reflects the status of Ajman and supports its Vision 2030, enhancing its leadership and competitiveness on the global economic map.' Sheikh Ammar added, 'The Emirate of Ajman enjoys a developed and attractive investment environment, supported by a continuously evolving business ecosystem and the opening of new horizons for local and foreign investment. We believe that port development is an investment in the future of trade, food security, and economic growth.' The Crown Prince of Ajman emphasised that developing Ajman Port will play a key role in stimulating the local economy by supporting supply operations and facilitating export and import activities through the provision of sustainable, eco-friendly infrastructure, while focusing on developing national talents and equipping them with modern port management skills. The MoU was signed by Sheikh Dr Mohammed Bin Abdullah Al Nuaimi, Chairman of the Department of Port & Customs Ajman, and on behalf of Hutchison Ports by Andy Tsoi, Managing Director for the Middle East and Africa Division at Hutchison Ports. Sheikh Dr Mohammed Bin Abdullah Al Nuaimi stated that the MoU reflects the aspirations of H.H. Sheikh Humaid bin Rashid Al Nuaimi, Supreme Council Member and Ruler of Ajman, and Sheikh Ammar bin Humaid Al Nuaimi, Crown Prince of Ajman and Chairman of the Executive Council, to establish strategic partnerships focused on technology transfer, expanding investment opportunities, and building an integrated operational system based on the highest international standards in maritime and logistics operations. He noted that the MoU marks an important step in reinforcing Ajman Port's position as a strategic hub in the UAE's and the region's maritime transport network, especially since this partnership has proven its effectiveness and success at Ajman Port since 2011. WAM
Arabian Post
14 hours ago
- Arabian Post
Middle East Air Travel Set to Double by 2043
Arabian Post Staff -Dubai Passenger traffic across the Middle East is projected to reach 530 million by 2043, doubling from current levels, according to forecasts presented at the International Air Transport Association Annual General Meeting held in Dubai. This growth represents an average annual increase of 3.9% over the two-decade period from 2023 to 2043, slightly outpacing the global average of 3.8%. Kamil Al Awadhi, IATA's Regional Vice President for Africa and the Middle East, highlighted the region's strategic geographic position and robust infrastructure investments as key drivers of this anticipated growth. He noted that Middle Eastern carriers have fully recovered from the pandemic-induced downturn, with cargo performance also showing a 6.4% increase as of April 2024. ADVERTISEMENT The surge in passenger numbers is underpinned by significant investments in airport infrastructure across the region. Dubai has initiated the expansion of Al Maktoum International Airport, with plans to accommodate up to 260 million passengers annually upon completion, positioning it as the world's largest airport. In Abu Dhabi, a new terminal commenced operations in November, enhancing the capital's capacity to handle increased traffic. Qatar continues to expand Hamad International Airport in Doha, while Saudi Arabia has launched Riyadh Air and announced the development of a new terminal in Riyadh with a capacity for 120 million passengers annually. These developments are complemented by the region's efforts to diversify economies and reduce reliance on oil revenues. Saudi Arabia's Vision 2030 initiative, for instance, emphasizes tourism and infrastructure development, with the Red Sea International Airport beginning operations in September 2023 to serve the burgeoning tourism sector. The Middle East's role as a global aviation hub is further reinforced by its proximity to emerging markets in South Asia and Africa. This strategic location allows airlines to offer efficient connectivity between East and West, capitalizing on the growing demand for air travel in these regions. Industry analysts suggest that the anticipated growth will necessitate a corresponding increase in fleet size and workforce. Airlines are expected to place substantial orders for new aircraft to meet demand, while also investing in training programs to ensure a skilled workforce capable of supporting expanded operations. Environmental considerations remain a focal point, with IATA members committed to achieving carbon-neutral growth from 2020 and a 50% reduction in net aviation carbon emissions by 2050 relative to 2005 levels. Airlines in the region are exploring sustainable aviation fuels and more efficient aircraft to align with these goals.
