The Helicopter Company, a wholly-owned subsidiary of the Saudi Public Investment Fund, has recently concluded a SAR 800M Murabaha facility agreement with Gulf International Bank – Saudi Arabia (GIB-Saudi Arabia).
Adhering to Islamic finance principles, we designed the Murabaha loan facility with a ten-year repayment term.
This financial arrangement will enable the aviation company to efficiently address its short-term and long-term financing requirements, according to Gulf Business.
“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.
![](https://thefinanceworld.comwp-content/uploads/2023/11/The-Helicopter-Company-and-GIB-sign-loan-facility-deal_Image-Supplied.jpg)
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, the 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 developments, the Saudi Public Investment Fund has established Al Balad Development Company (BDC) as the primary developer of Jeddah’s Al Balad district. BDC’s responsibilities encompass enhancing the district’s infrastructure, overseeing the restoration of its historic buildings, and developing various amenities, including residential, commercial, recreational, hotel, and office spaces.