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Saudia Technic CEO: We Aim for IPO before End of 2030

The company plans to triple the number of its mechanics and technicians over the next three years, in addition to expanding into new international markets. (Saudi Technic website)
The company plans to triple the number of its mechanics and technicians over the next three years, in addition to expanding into new international markets. (Saudi Technic website)
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Saudia Technic CEO: We Aim for IPO before End of 2030

The company plans to triple the number of its mechanics and technicians over the next three years, in addition to expanding into new international markets. (Saudi Technic website)
The company plans to triple the number of its mechanics and technicians over the next three years, in addition to expanding into new international markets. (Saudi Technic website)

The CEO of Saudia Technic, Fahd Cynndy, said that the company aims to offer public shares before the end of 2030.
Speaking on the sidelines of the Dubai Airshow, he noted that the company was planning an initial public offering (IPO) either in 2028 or 2029, explaining that the entity has no immediate plans to tap debt markets, Reuters reported.
“We have institutional investors that have committed a significant amount for the capability building... It covers our business plan up until the IPO target,” Cynndy said.
He added that Saudia Technic was planning a substantial expansion of its capabilities so that aircraft can be fully serviced within the Kingdom.
“We have just managed to secure worth of 5 billion riyals ($1.33 billion) to complete our maintenance repair and overhaul (MRO) village,” he was quoted by Reuters as saying, with phase one of the facility scheduled to open in August 2024.
The company plans to triple the number of its mechanics and technicians over the next three years, in addition to expanding into new international markets.
The Kingdom has witnessed a wave of IPOs in recent years, as a number of state-backed companies have listed their shares or are seeking to list as part of broader plans to deepen capital markets, develop the private sector, and attract investors.
Saudi Arabia has been massively spending on the aviation industry as it seeks to become a tourism and transportation hub, as part of far-reaching economic diversification objectives under Vision 2030.

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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
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Presidential Election: A Crucial First Step toward Saving Lebanon from Economic Crisis

The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)
The vacant presidential seat at Baabda Palace after President Michel Aoun's term ended (Reuters)

Since 2019, Lebanon has faced one of its worst economic crises in modern history, affecting all aspects of life. The local currency has lost over 95% of its value, driving inflation to record levels and making goods and services unaffordable. Poverty and unemployment have surged.
Amid this, political divisions have paralyzed government action, preventing any effective response to the crisis.
The recent war with Israel added to the burden, causing huge human and material losses estimated by the World Bank at $8.5 billion. This has made Lebanon’s economic and social struggles even harder to resolve, with no president in place to lead the country.
The presidential post in Lebanon has been vacant since President Michel Aoun's term ended in October 2022, leaving the country without a leader to address growing economic and financial issues.
This vacancy has stalled government formation, making it difficult for Lebanon to negotiate with international donors like the International Monetary Fund (IMF), which demands major reforms in exchange for aid.
Choosing a new president is now a critical priority, not only to regain local and international confidence but also to begin the long-needed reforms.
One major challenge the new president will face is the reconstruction effort, which is estimated to cost over $6 billion. This is a huge financial burden that will require significant resources and effort to secure funding.
Reconstruction in Lebanon is not just about fixing infrastructure or repairing damage; it is a key test of the country’s ability to restore its role on the regional and international arena.
To achieve this, Lebanon needs a president with a clear vision and strong international connections, able to engage effectively with donor countries and major financial institutions.
Without credible and unified political leadership, Lebanon’s chances of gaining external support will remain limited, especially as international trust has been shaken by years of mismanagement and lack of reforms.
Keeping Lebanon’s deepening crises in mind, the people are hoping that electing a new president will offer a chance for economic and political recovery.
The new president, along with a strong government, is expected to rebuild trust both locally and internationally and restore political stability—key factors for stopping the economic decline and encouraging growth.
For instance, reviving Lebanon’s vital tourism sector will require better security and restoring confidence in the country as a safe place for investment.
This can only happen with political leadership that has a clear plan for reconstruction and necessary reforms.
Given Lebanon’s ongoing financial struggles, the new president’s ability to address these challenges will be critical to rescuing the country and guiding the economy toward recovery and sustainable growth.