Riyadh – Mubasher: The state-owned Saudi Public Investment Fund (PIF) on Monday announced launching a helicopter company with an initial capital of SAR 565 million ($150.67 million).
The firm is the first domestic firm operating helicopters commercially in the kingdom, the Saudi Press Agency (SPA) reported.
The company is set to meet the growing demand from high-end tourists and air transportation industries.
The PIF, the GCC nation’s sovereign investor, further noted that these helicopters will launch touristic flights to various destinations, and they are forecast to enhance and expand air transportation services in the oil-rich kingdom.
The fund stated that this step is a major part of Saudi Vision 2030, intended to diversify the kingdom’s economy and invest more heavily in infrastructure.
