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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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Trump Exempts Mexico Goods from Tariffs for a Month, but Doesn’t Mention Canada

Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
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Trump Exempts Mexico Goods from Tariffs for a Month, but Doesn’t Mention Canada

Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)
Construction workers are seen on the site of a new development in Long Beach, California, March 5, 2025. (AFP)

US President Donald Trump on Thursday said Mexico won't be required to pay tariffs on any goods that fall under the United States-Mexico-Canada Agreement on trade until April 2, but made no mention of a reprieve for Canada despite his Commerce secretary saying a comparable exemption was likely.

"After speaking with President Claudia Sheinbaum of Mexico, I have agreed that Mexico will not be required to pay Tariffs on anything that falls under the USMCA Agreement," Trump wrote on Truth Social. "This Agreement is until April 2nd."

Earlier on Thursday, US Commerce Secretary Howard Lutnick said the one-month reprieve on hefty tariffs on goods imported from Mexico and Canada that has been granted to automotive products is likely to be extended to all products that comply with the US-Mexico-Canada Agreement on trade.

Lutnick told CNBC he expected Trump to announce that extension on Thursday, a day after exempting automotive goods from the 25% tariffs he slapped on imports from Canada and Mexico earlier in the week.

Trump "is going to decide this today," Lutnick said, adding "it's likely that it will cover all USMCA-compliant goods and services."

"So if you think about it this way, if you lived under Donald Trump's US-Mexico-Canada agreement, you will get a reprieve from these tariffs now. If you chose to go outside of that, you did so at your own risk, and today is when that reckoning comes," he said.

Nonetheless, Trump's social media post made no mention of a reprieve for Canada, the other party to the USMCA deal that Trump negotiated during his first term as president.

Lutnick said his "off the cuff" estimate was that more than 50% of the goods imported from the two US neighbors - also its largest two trading partners - were compliant with the USMCA deal that Trump negotiated during his first term as president.

Canadian Prime Minister Justin Trudeau called Lutnick's comments "promising" in remarks to reporters in Canada.

"That aligns with some of the conversations that we have been having with administration officials, but I'm going to wait for an official agreement to talk about Canadian response and look at the details of it," Trudeau said. "But it is a promising sign. But I will highlight that it means that the tariffs remain in place, and therefore our response will remain in place."

Lutnick emphasized that the reprieve would only last until April 2, when he said the administration plans to move ahead with reciprocal tariffs under which the US will impose levies that match those imposed by trading partners.

In the meantime, he said, the current hiatus is about getting fentanyl deaths down, which is the initial justification Trump used for the tariffs on Mexico and Canada and levies on Chinese goods that have now risen to 20%.

"On April 2, we're going to move with the reciprocal tariffs, and hopefully Mexico and Canada will have done a good enough job on fentanyl that this part of the conversation will be off the table, and we'll move just to the reciprocal tariff conversation," Lutnick said. "But if they haven't, this will stay on."

Indeed, Trudeau is expecting the US and Canada to remain in a trade war.

"I can confirm that we will continue to be in a trade war that was launched by the United States for the foreseeable future," he told reporters in Ottawa.