© Reuters.
The Helicopter Company (THC), a subsidiary of the Saudi Public Investment Fund (PIF), has obtained a SAR 800 million ($213 million) Murabaha loan from Gulf International Bank – Saudi Arabia, as part of its strategic plan to enhance the Kingdom’s aviation sector. The 10-year loan is set to expedite THC’s investments in advanced aircraft and infrastructure, aligning with Saudi Arabia’s Vision 2030.
CEO of THC, Captain Arnaud Martinez, confirmed that the loan would fast-track the company’s ambitious objective of managing an impressive fleet of over 100 aircraft by 2026. This move forms part of a broader strategy to create a new aviation ecosystem in Saudi Arabia and drive profitability for the company. Martinez lauded the partnership with Gulf International Bank as a crucial step towards achieving these strategic goals and fostering collaboration for the future of the Kingdom’s aviation industry.
Abdulaziz Al Helaissi, GIB group CEO, reiterated his commitment to supporting Saudi Arabia’s ongoing diversification and economic growth. The agreement is seen as a significant contribution to development in strategic growth areas.
Simultaneously, PIF has initiated another venture with the establishment of Al Balad Development Company (BDC). BDC will spearhead the development of Jeddah’s Al Balad district, further contributing to the Kingdom’s economic diversification efforts.
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