Business & Money | Friday 8 May, 2015 2:59 am |

The Kingdom is to manufacture Antonov multipurpose aircraft in cooperation with Ukraine starting in about two years.
The deal between Taqnia Aeronautics and Antonov State Company for the transfer of aircraft technology and subsequent manufacture of the aircraft, was inked in Riyadh under the supervision of King Abdulaziz City for Science and Technology (KACST).

KACST President Prince Turki bin Saud bin Mohammed Al-Saud told reporters that the deal was signed on Wednesday on the sidelines of the Third Saudi International Conference on Petrochemicals being held at the KACST headquarters.
During the signing ceremony, Dmytro S. Kiva, president and general designer of Antonov State Company, and Ukraine Ambassador Vadym Vakhrushev were present.
Addressing the media, the prince said it was a major venture that would transfer technology and see production take place in the country. He said the aircraft would be used for civilian and military purposes. They would each have a payload of 10,000 kg.
The KACST president said many young Saudis would be trained for the project. He hoped that the deal would also open new areas of cooperation in aircraft technology with other countries.

The Kingdom will have all the rights reserved for the local company. The new aircraft would be used for logistical support for the armed forces as well as for civilian purposes. They will be equipped with state-of-the art engines and electronic systems.
Taqnia Aeronautics is owned by the Public Investment Fund, which is overseen by the Council of Economic Affairs and Development, chaired by Deputy Crown Prince Mohammed bin Salman.

Speaking to Arab News, Kiva said his company has many years of experience in the business. “We will pass on the best technology to the Saudi youth to enable them to manufacture the machines on their own.”
Vakhrushev said he was proud that his country signed an agreement with the Kingdom that would benefit both nations.
He said two-way trade between the Kingdom and Ukraine is currently more than SR4.5 billion ($1.2 billion).