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SAMI Acquires ‘Aircraft Accessories, Components Company’

SAMI Acquires ‘Aircraft Accessories, Components Company’
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SAMI Acquires ‘Aircraft Accessories, Components Company’

SAMI Acquires ‘Aircraft Accessories, Components Company’

The Saudi Arabian Military Industries (SAMI) has announced acquiring majority stake ownership of the Aircraft Accessories and Components Company (AACC), which will help it expand the scope of services it provides, invest in national capabilities and access new markets.

This move comes in line with its continuous initiatives to support efforts to localize the defense sector in the Kingdom.

AACC’s work focuses on maintenance, repair and overhauling of aircraft hydraulic systems and secondary energy systems for multi-platforms.

After acquiring majority stake ownership by SAMI, AACC’s scope of operations will be expanded to cover the repair and overhauling of civilian aircraft landing gear, increasing the NDT (Nondestructive Tests) capabilities and enhancing the capabilities for maintenance of helicopters, in addition to other services.

This will enable the company to expand its services to cover the Middle East and North Africa (MENA) markets.

SAMI’s acquisition of the majority stake in AACC is a basic factor in its strategic development, said its CEO Dr. Andreas Schwer.

“We have promising opportunities in the maintenance, repair and overhauling market as all the basic tools are available,” he added.

“We will work in the near future on adding the maintenance, repair and overhauling of landing gear to the services provided by AACC,” Schwer noted.

AACC CEO Dr. Mansour al-Eid, for his part, said that this step is significant and comes in line with the company’s development process.

“It will enable the company to expand the scope of its services, invest in national capabilities, have access into new markets, develop its client service capabilities and invest in the manufacture of aircraft spare parts.” Eid said.

He added that the aviation industry in the Kingdom is prospering with the establishment of SAMI and the General Authority for Military Industries (GAMI).

The two entities will contribute to localization of military capabilities, investing in building national capabilities and creating jobs for citizens.

He pointed out that with the collective efforts of the national companies, it will strive to achieve goals of the Kingdom’s Vision 2030.

An agreement has been recently reached between AACC and the Saudi Royal Air Forces for overhauling and purchase of landing gear for Multi Role Tanker Transport (MRTT), which is an aerial refueling tanker aircraft based on the civilian Airbus A330.

Meanwhile, AACC is carrying out the overhauling of landing gear for military aircraft and, it is cooperating with Safran Landing Systems, which is deemed the world’s pioneering company in the field of aircraft landing and braking systems.

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Business

OPEC+ Agrees in Principle on Theoretical Oil Output Hike amid Iran War Paralysis

FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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OPEC+ Agrees in Principle on Theoretical Oil Output Hike amid Iran War Paralysis

FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A model of an oil pump is seen in front of the OPEC logo in this illustration taken January 9, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

OPEC+ has agreed in principle to raise its oil output quotas by 206,000 barrels per day for May, three sources with knowledge of the group's talks said ahead of its meeting later on Sunday, a rise that will largely exist on paper as its key members are unable to raise production due to the US-Israeli war with Iran.

The war has effectively shut the Strait of Hormuz - the world's most important oil route - since the end of February and cut exports from OPEC+ members.
Some group members such as Russia are unable to increase output due to Western sanctions and damage to infrastructure inflicted during the war with Ukraine.

Inside the Gulf, damage to infrastructure from missile and drone attacks has also been severe. Several Gulf officials have said it would take months to resume normal operations and reach production targets even if the war stopped and Hormuz reopened immediately, according to Reuters.
Iran on Saturday said Iraq was exempt from any restrictions to transit the vital route, and shipping data on Sunday showed a tanker loaded with Iraqi crude passing through the strait. Still, it remains to be seen if more vessels will take the risk involved, a source close to the issue said.

Sunday's OPEC+ talks are set to start at around 1300 GMT with a gathering of ministers called the Joint Ministerial Monitoring Committee, which does not decide on output policy.

After this, eight members of OPEC+ hold separate talks having agreed in principle to raise output quotas by 206,000 bpd for May, the three sources said. This would be the same as the increase decided for April at their last meeting held on March 1, just as the war began to disrupt oil flows. A month later, the largest oil supply disruption on record is estimated to have removed as many as 12 to 15 million bpd or up to 15% of global supply. Crude prices have soared to a four-year high close to $120 a barrel. Oil prices could spike above $150 - an all-time high - if flows via Hormuz remain disrupted into mid-May, JPMorgan said on Thursday. A quota increase will have little immediate impact on supply but would signal readiness to raise output once Hormuz reopens, OPEC+ sources have said. Consultancy Energy Aspects called the increase "academic" as long as disruptions in the strait persist.

Business

War Weighs on Egypt’s Private Sector as PMI Hits Near Two-Year Low in March

People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)
People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)
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War Weighs on Egypt’s Private Sector as PMI Hits Near Two-Year Low in March

People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)
People walk past a closed cinema as shops close early under a government-ordered curfew aimed at reducing energy costs in downtown Cairo on April 2, 2026. (AFP)

Egypt's non-oil private ‌sector deteriorated at its sharpest pace in almost two years in March, as the Middle East war drove up costs and dampened client demand, a closely watched business survey showed on Sunday.

The headline S&P Global Egypt Purchasing Managers' Index fell for a fourth consecutive month, dropping to 48.0 in March from 48.9 in February — its lowest reading since April 2024.

The ‌figure remained below ‌the 50.0 threshold that ‌separates growth ⁠from contraction, though ⁠it was broadly in line with the survey's long-run average of 48.2.

Output and new orders were the chief drags on the index, with both measures also hitting their lowest levels for nearly two years. Firms frequently blamed ⁠the Middle East conflict for dampening client ‌demand, partly through ‌intensifying price pressures.

In a first, business expectations for the ‌coming 12 months slipped into negative territory, with ‌companies citing uncertainty over the war as a key reason for pessimism, though the degree of gloom was described as mild.

David Owen, senior economist at ‌S&P Global Market Intelligence, nevertheless noted that "the latest figure of 48.0 still relates ⁠to ⁠annual GDP growth of around 4.3%," adding that "recent data suggests the domestic non-oil sector is on a solid underlying growth path."

Cost pressures remained a serious concern, however. Input prices surged at their joint-sharpest pace in one-and-a-half years, as firms cited fuel costs and other war-related commodity price increases, compounded by a stronger US dollar.

In response, companies raised their selling prices at the fastest rate in 10 months, though the increase remained modest overall.

Business

Middle East War Presents ‘Serious Risk’ for Africa, Warns Report

Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
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Middle East War Presents ‘Serious Risk’ for Africa, Warns Report

Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)
Festus Mwirotsi, 34, scouts for pests and diseases in roses meant for export at Isinya Roses farm in Kajiado, Kenya, March 24, 2026, as Kenya's flower industry is losing up to $1.4 million a week as the Iran war cuts demand and disrupts shipping. (AP)

The Middle East war "presents a serious risk to Africa", the African Union and the African Development Bank (AfDB) said in a report seen by AFP Saturday.

The conflict threatens to increase the cost of living and curtail growth on the continent, the report warned.

The Middle East accounts for 15.8 percent of Africa's imports and 10.9 percent of its exports, the report noted.

"The conflict, which already has triggered a trade shock, could quickly turn into a cost-of-living crisis across Africa through higher fuel and food prices, rising shipping and insurance costs, exchange rate pressures, and tighter fiscal conditions," it added.

The growth rate of most African countries continues to be slower than before the Covid pandemic, it noted.

"A loss in output growth of 0.2 percentage points on Africa's GDP is projected for 2026 if it (the conflict) exceeds six months," it said.

"The longer the conflict lasts and the more severe the disruption to shipping routes and energy and fertilizer supplies, the greater the risk of a significant growth slowdown across the continent."

Reduced deliveries of liquefied natural gas (LNG) from the Gulf will impact fertilizer production, limiting its availability during the crucial planting period up to May, it added.

- Currencies hit -

The report was compiled by the UN Development Program (UNDP) and the United Nations Economic Commission for Africa (UNECA).

According to recent data from the AfDB, the currencies of 29 African countries have already depreciated, increasing the cost of servicing external debt, making imports more expensive and reducing foreign exchange reserves,

Some countries could see some short-term gains, such as Nigeria for its oil exports or Mozambique for its LNG.

The rerouting of ships around Cape of Good Hope could benefit ports in Mozambique, South Africa, Namibia and Mauritius.

Kenya is establishing itself as a logistics hub in East Africa, while Ethiopian Airlines, the leading carrier in Africa, is serving as an "emergency air bridge" between the continent, Asia, and Europe, the report noted.

But these gains are likely to be uneven and will not offset the consequences for inflation, budgets, and food security in Africa, they warned.

Above all, the current crisis could hit the costs of humanitarian aid and divert donor funds towards other priorities.