Emirates Investment and Development company (Emivest) will pump nearly Dh3.678 billion ($1 billion) into its newly acquired aviation subsidiary, a report said.

The funds will aid the Texas-based Sino Swearingen Aircraft Corporation (SSAC) to design and develop its second executive jet, Emivest chairman Buti Saeed Al Ghandi was quoted as saying in the Gulf News report.

The company acquired 80 per cent of the light executive jet maker in June. SSAC is famous for its SJ30 business aircraft, which is billed as 'the world's fastest, longest range and highest flying light jet.' It has a range of 2,500 nautical miles and a capacity of six passengers.

This is the first such deal in the aviation sector by a Middle East company and it also marks Emivest's entry into the US, after the deal was approved in May by the US.

The jet maker took nearly ten years and $700 million. to develop its first plane, which was displayed at the Dubai Air Show in 2007. One Emivest's aircraft will come to Dubai next month, he added.