RIYADH: Commercial flight operator The Helicopter Co. has secured a loan worth SR800 million ($231 million) from Manama-based Gulf International Bank to boost its fleet.
Writing on X, formerly known as Twitter, the Public Investment Fund-backed THC said the 10-year murabaha loan agreement aligns with its long-term strategic vision to strengthen the Kingdom’s general aviation industry.
THC CEO Arnaud Martinez said that this facility is expected to address the company’s short-term and long-term financial needs efficiently.
“The funds from this loan facility will support THC’s ongoing investments in high-quality, cutting-edge aircraft and infrastructure, contributing to the development of Saudi Arabia’s aviation sector in line with Vision 2030,” said Martinez.
He added that THC is growing at an unprecedented scale with ambitious plans of managing over 100 plus fleets by 2026.
GIB Group CEO Abdulaziz Al-Helaissi noted that this deal will help THC accelerate its development in strategic growth areas that will help the Saudi economy advance further and meet the goals outlined in Vision 2030.
“We are pleased to extend this financing facility to THC during this exciting period of expansion for the company and the Kingdom’s aviation industry,” added Al-Helaissi.
Launched in 2019, THC is the first national commercial helicopter operator in Saudi Arabia. The company provides private transportation services within the main cities of Saudi Arabia and tourist trips to various attractions around the country.
Catering to the increasing demand for luxury tourism trips to major Saudi cities, THC was created with an initial capital of SR565 million.
The Kingdom’s National Tourism Strategy aims to attract 100 million visitors by 2030 while raising the tourism sector’s contribution to gross domestic product to more than 10 percent.
In August, THC signed a memorandum of understanding with executive terminal operator Altanfeethi to explore options for urban air mobility.
In June, it announced that it completed the acquisition of a 100 percent stake in Rotortrade, a helicopter dealership operating across five continents.
