H.E. Buti Saeed Alghandi Chairman of Emirates Investment & Development PSC (Emivest) of Dubai, UAE, the master developer of the Dubai - Lyon city project, announced today that Emivest have obtained approval from the Committee on Foreign Investment in the United States (CFIUS) to acquire an 80 percent stake in Sino Swearingen Aircraft Corporation (SSAC) of San Antonio, Texas.
The acquisition will enable SSAC to initiate full-scale production of its SJ30. The SJ30 is the world's fastest, longest range and highest flying light jet. The SJ30 has a high-speed cruise of Mach .83, a range of 2,500 nautical miles and an operating ceiling of 49,000 feet.
This is the first acquisition of an American company by Emirates Investment & Development PSC.
About Sino Swearingen Aircraft Corporation
Sino Swearingen Aircraft Corporation, a partnership between Swearingen Aircraft Company of San Antonio, Texas and Sino Aerospace Investment Corporation of Taiwan, was established in 1995 and incorporated in 1997. Since 1963, SSAC is the first company in the United States to develop, build, certify and deliver to the market a new design business jet. Headquartered at the San Antonio International Airport (KSAT), the company currently employs over 550 staff at its facilities in San Antonio, Texas and Martinsburg, West Virginia.
About Emirates Investment & Development PSC
Founded in 1997, headquartered in Dubai, Emirates Investment & Development Company PSC aims to provide credible investment and development services to support regional economy, social and environmental progress.
Emirates Investment & Development invest in the manufacturing, horticulture, construction, real estate, education, transportation, telecom and finance sectors.