Chromalloy, operating unit of Sequa Corporation, the world's largest independent supplier of advanced repairs, coatings and FAA-approved replacement parts for aircraft, has launched Dubai operations with the opening of its office in the emirate.
The company's sales and marketing office in Dubai will provide the region's gas turbine engine operators (that also includes aviation) a low-cost alternative for parts and services, according to the company's spokesperson.
The Dubai plan was revealed soon after the company's recent announcement that it has been awarded a contract from Jordan Airmotive. The three-year deal with Jordan Airmotive is worth $2 million (Dh7.34m). "The company is growing engine aftermarket business to offer the region's turbine operators with parts, repairs and other services that deliver sufficient cost savings over original equipment manufacturer pricing," said Armand F Lauzon Jr, Chief Executive Officer of Sequa Corporation and President, Chromalloy. Many international aviation companies are eying the MRO (maintenance repair and overhaul) market in the Middle East, which is all set to grow 100 per cent by 2020, according to industry estimates.
Aircraft maintenance companies and investors based out of the region as well as global players are banking on a major expansion in the Middle East amid forecasts that annual revenues could double to almost $5 billion by 2020.
Local players such as Mubadala Development, an investment vehicle of the Abu Dhabi Government, too, are bullish on the MRO market.
Chromalloy has in the past stated its interest in the region after it partnered with Saudi Arabian Airlines and set up a service centre in Jeddah, providing parts and materials for the carrier's aircraft engines and auxiliary power units.
The company is also increasing its presence in the Asia-Pacific region. Chromalloy bagged a $10m contract from India's national carrier, Air India.
The contract takes care of shipping parts to Chromalloy for repair over the next two years.
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