DUBAI--Magnetic MRO has entered into an agreement with Saudi Arabian repair specialist First Premium for Support Services (FPSS) which will see both parties jointly establish wheel and tire, brake, oxygen refill, and battery shops in Jeddah.
Estonia-headquartered Magnetic MRO says the memorandum of understanding signed at MRO Middle East on Monday (Feb.11) will help it break into the Saudi Arabian market, with the partnership targeting Saudi Arabia-based airline customers.
In addition to the shops, Magnetic MRO and FPSS are also considering launching an engine stands hub in Saudi Arabia, which would be operated by the Baltic repair specialist's EngineStands24 subsidiary, which it established in 2016 to transport and store aerospace engine stands.
Plans are also in place to create an EASA 147-compliant technical training school and EASA 145-compliant line and base maintenance facilities in Jeddah, a port city in the west of Saudi Arabia.
No timeframe for the facility openings was given, but line maintenance services in Jeddah will begin from March, Magnetic MRO CEO Risto Mäeots told Aviation Week.
Sheikh Ghassan Omar Attar, the CEO and owner of the Jeddah-based FPSS which was founded in 2014, added that the agreement with Magnetic MRO will boost its standing in the aircraft maintenance market of Saudia Arabia.
As part of ongoing expansion plans, Magnetic MRO confirmed last week that it had raised €8 million ($9.1 million) from a bonds issue, which it plans to use to acquire one of its competitors in the next few months.