ABU DHABI: CEO Strata said Abu Dhabi aircraft parts business expects revenue from existing operations to more than triple by 2020 and plans to open a second factory in the United Arab Emirates in 2017.
The manufacturing arm of Abu Dhabi’s Mubadala Aerospace, is the Gulf’s sole aircraft parts maker and is aiming to join the ranks of the leading global players with its planned expansion.
CEO Badr al-Olama said revenue at Strata will top Dhs300 million ($81.7 million) this year, the company will create at least 600 jobs when the second plant opens, nearly doubling its current workforce.
Olama is also a senior vice-president of Mubadala Aerospace said we will see revenues of Dhs1 billion by 2020 from plant one only.
Olama said that forecast is based on Strata’s orders and aircraft sales. Strata build components, including fuselages, for leading planemakers Airbus and Boeing among others.
Olama said Strata’s second factory will be located near its existing plant in the desert oasis town of Al Ain but will be more automated and produce at least two or three product lines.
Further Olama added the company is in talks with Boeing and Airbus to set up a facility in America or Europe pointing out that it needs to achieve netween $1 billion and $2 billion in annual sales to be counted among the top three parts makers.