Published: 2019-02-11 10:40:00 CET
Nasdaq Tallinn
Announcement from the exchange

Magnetic MRO targets Saudi MRO market, signs MoU with FPSS

Tallinn, Estonia, 2019-02-11 10:40 CET (GLOBE NEWSWIRE) --  

Magnetic MRO, a global provider of Total Technical Care for aircraft operators and lessors, and a Saudi MRO company First Premium for Support Services (FPSS) have signed a Memorandum of Understanding (MoU) for joint EASA-compliant MRO operations in Saudi Arabia and the Region.  

The two companies agreed to jointly establish and develop Wheel & Tire, Brake, Oxygen Refill, and Battery shops in Jeddah. At later stages of the cooperation, Magnetic MRO and FPSS also consider launching an engine stands hub, operated by Magnetic MRO’s subsidiary EngineStands24, as well as an EASA 147-compliant technical training school and EASA 145-compliant line and base maintenance facilities in a Saudi Arabian port city of Jeddah.

Risto Mäeots, the CEO of Magnetic MRO, said: “Magnetic MRO is delighted to join hands with the honorable Sheikh Ghassan Attar, the owner and CEO of First Premium for Support Services, to develop a wide range of high quality level aircraft maintenance services in Saudi Arabia and across the region.”

Mäeots also added that the new partnership comes in line with Magnetic MRO’s vision to support the development of the regional aviation industry by providing Saudi airlines with access to the company’s high-quality services and innovative solutions.

Sheikh Ghassan Omar Attar, the CEO of a leading Saudi travel company Attar Travel, as well as the CEO and owner of the Jeddah-based First Premium for Support Services, shared: ”We strongly believe, the new agreement between Magnetic MRO and FPSS will provide us with a substantial boost in supporting the needs of our aviation clients and bring us to the leading position on the aircraft maintenance market of the Kingdom of Saudi Arabia.”

Magnetic MRO in brief: Magnetic MRO is a global provider of EASA and FAA-certified Total Technical Care and Asset Management solutions. Headquartered in Tallinn, Estonia, the company maintains a strong presence in Europe, the CIS, Africa and North America. With two decades of experience in the MRO market, Magnetic MRO has an established reputation of a technologically advanced, innovative provider of integrated MRO services. The company specializes in a wide range of MRO areas: from engine management to line and base maintenance, from components to landing gear solutions, from engineering services and asset management to interior solutions and full aircraft painting.


For more information:
TIINA SHEIN
Head of Marketing and Communication
+372 507 6353
tiina.shein@magneticmro.com


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