Riyadh, Saudi Arabia. 21 May 2024 . The Kingdom of Saudi Arabia’s National Industrial Development Center (NIDC), AHQ Group and Embraer (NYSE: ERJ; B3: EMBR3) today signed a Memorandum of Understanding (MoU) to discuss a joint strategy to develop the local aerospace ecosystem. The signing ceremony was held in Riyadh, as part of the Future Aviation Forum.

The agreement focuses on the adoption of Embraer aircraft by the Kingdom of Saudi Arabia as well as on potential technological cooperation, supply chain and human capital development between the organizations to achieve excellence in products and services, evaluate industrial capabilities and new business opportunities.

Embraer has been working with local companies and the Saudi government to adopt its portfolio and to set industrial collaboration in line with the country’s strategic plan Vision 2030. This MoU is another important milestone to reinforce the collaboration between Embraer and Saudi Arabia’s growing aerospace cluster.

NIDC has been working to facilitate the growth and diversification of the Kingdom’s manufacturing and industrial base through, among other activities, fostering partnerships between local Kingdom entities and international manufacturers to grow and diversify the Saudi economy.

Also as part of the agreement, Embraer and AHQ agree to further review the great potential of the E2 family to be the aircraft of choice for a new airline project in the region.