PIF’s The Helicopter Company, GIB-Saudi Arabia ink SAR800m Murabaha loan facility deal

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The Helicopter Company, a fully owned company of the Saudi Public Investment Fund, recently signed a SAR800m Murabaha facility agreement with Gulf International Bank – Saudi Arabia (GIB-Saudi Arabia).

The Murabaha loan facility, a financing instrument compliant with Islamic finance principles, is structured with a long-term repayment period of 10 years.

With this financing solution in place, the aviation company will be well-positioned to address both its long-term and short-term financing needs efficiently.

“The funds from this loan facility will support The Helicopter Company’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 Captain Arnaud Martinez, CEO of The Helicopter Company.

The Helicopter Company has ambitious plans

“The Helicopter Company has been growing at an unprecedented scale with ambitious plans of managing a fleet of 100+ craft by 2026. We are actively shaping an ecosystem in the kingdom that did not exist four years ago and this partnership with GIB-Saudi Arabia not only helps us pursue our strategic goals and reach profitability, but also symbolises the strength of collaboration and our shared vision for the future of aviation in the kingdom,” he added.

Abdulaziz Al Helaissi, GIB group CEO, said, “GIB-Saudi Arabia is pleased to extend this financing facility to The Helicopter Company during this exciting period of expansion for the company and the kingdom’s aviation industry. GIB continues to be a committed partner for the kingdom’s ongoing diversification and economic growth, and we are proud that our partnership and support for companies like The Helicopter Company can help accelerate development in strategic growth areas that will help the Saudi economy further advance and meet the significant aspirations of Vision 2030 and beyond.”

In recent news, PIF established Al Balad Development Company (BDC) to be the primary developer of Al Balad district in Jeddah. It will focus on improving the district’s infrastructure, overseeing the restoration of historic buildings in Al Balad, and developing service facilities as well as recreational, residential, commercial, hotel and office space

Read: Saudi’s PIF sets up Al Balad Development Company to transform Jeddah’s historic district