:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/EMGSVT22DZ4CF6JV4KPG334NSQ.jpg)
Strata, Mubadala Investment Company’s aerospace unit, achieved a "milestone” of 30 production lines in 2022 as the broader aviation sector recovers from the effects of the coronavirus pandemic.
The company manufactured 5,020 shipsets and 74,128 aero-structure parts last year, state news agency Wam reported on Sunday.
“2022 saw Strata build upon a powerful foundation and take several key steps forward to assure a bright future, not just for the company, but for the UAE’s position as a leader in manufacturing,” said Ismail Ali Abdulla, chief executive of Strata.
Last month, Strata signed a new deal with Swiss plane maker Pilatus Aircraft.
As part of an amended agreement, Strata’s operations for Pilatus will be extended to include three work packages for Pilatus PC-12 and PC-24 business jets.
Set up by Mubadala in Al Ain more than a decade ago to position the UAE in the global aerospace supply chain, Strata has billion-dollar contracts with Boeing, Airbus and Leonardo in Italy, in addition to Pilatus.
Aircraft maintenance, repair and overhaul providers (MROs) are seeing a rebound in operations as the aviation industry recovers strongly from the pandemic.
The global MRO industry is expected to grow to a $1 trillion business over the 2022-2031 period, according to Aviation Week Network.
Meanwhile, engine MRO demand will grow at 3.7 per cent, which will boost the market size to $474 billion over the next decade.
Specifically, the Middle East demand for MRO services will grow to $12.9 billion by 2031, the report said.
:quality(70)/cloudfront-eu-central-1.images.arcpublishing.com/thenational/F4BV2DWCGUFU3JD6GEPFGRDFIA.jpg)
In March last year, Strata, whose core focus remains on the aerospace sector, also announced plans to expand its advanced manufacturing capabilities to include more industrial segments as part of its new long-term strategy.
The company plans to focus on opportunities in a range of high-tech sectors such as biopharmaceuticals, digitisation, automation, AI and the manufacturing of advanced materials, it said at the time.
Strata's growth comes even as the UAE plans to more than double the contribution of the industrial sector to the country's overall economic output to Dh300 billion ($81.7 billion) by 2031, from Dh133 billion in 2021, under its Operation 300bn strategy.
Last year, the Abu Dhabi government also said it would invest Dh10 billion across six industrial programmes to more than double the size of the emirate’s manufacturing sector to Dh172 billion by 2031.