Saudi Helicopter Company Prepares to Launch Fleet

AW139 Helicopter at the first Saudi International Exhibition at al-Thumama Airport (Bashir Saleh)
AW139 Helicopter at the first Saudi International Exhibition at al-Thumama Airport (Bashir Saleh)
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Saudi Helicopter Company Prepares to Launch Fleet

AW139 Helicopter at the first Saudi International Exhibition at al-Thumama Airport (Bashir Saleh)
AW139 Helicopter at the first Saudi International Exhibition at al-Thumama Airport (Bashir Saleh)

The first national commercial helicopter operator in Saudi Arabia has showcased its chopper during the first Saudi International Exhibition at al-Thumama Airport, north of Riyadh.

The unveiling came two days after the Public Investment Fund (PIF) announced the launch of The Helicopter Company.

The chopper, the first in the company’s plan for a bigger fleet, will soon begin its trips between Saudi cities, according to the firm’s Marketing and Communication Director, Mona Kurdi.

Saudi Arabia is in the implementation phase of several giant projects, most notably the Neom, Amaala, Red Sea and al-Qidiya, in several cities in the central, western and northern regions.

It also plans to issue a tourist visa for foreigners to benefit from this vital sector that is expected to provide thousands of jobs and support the local economy.

On Monday, PIF announced the new company with initial capital of $150 million, saying it will cater to emerging demand in luxury tourism as well as untapped existing demand for urban aerial transportation.

Kurdi told Asharq al-Awsat that the company's operations will include the central, northern and western regions, saying the firm will provide access to remote destinations and a high-end experience on par with other global destinations.

The company also provides safe access to long-haul destinations and enhances economic opportunities within the tourism sector, she added.

The helicopter in question was the AW139 with five soft seats, and stamped with the company’s name both in Arabic and English. 

The Fund indicated that the firm aims at maximizing sustainable returns, launching and developing new sectors, as well as supporting efforts to achieve Saudi Vision 2030.

The budding company seeks to meet the growing demand within Saudi Arabia for luxury tourism and air transport services. 



Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo
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Oil Prices Hold Steady on Support from US-China Trade Hopes

 FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025.  REUTERS/Eli Hartman/File Photo
FILE PHOTO: A pump jack operates near a gas turbine power plant in the Permian Basin oil field outside of Odessa, Texas, US February 18, 2025. REUTERS/Eli Hartman/File Photo

Oil prices held steady on Thursday, supported by hopes of a breakthrough in looming trade talks between the US and China, the world's two largest oil consumers. Brent crude futures were up 43 cents, or 0.7%, at $61.55 a barrel, while US West Texas Intermediate crude rose 49 cents, or 0.8% to $58.56 a barrel at 0803 GMT.

The market has almost stabilized at slightly above $61 a barrel, said SEB analyst Ole Hvalbye, which along with some optimism around the current tariff situation with talks due between the US and China, was providing support.

US Treasury Secretary Scott Bessent will meet with China's top economic official on May 10 in Switzerland for negotiations over a trade war that is disrupting the global economy. The countries are the world's two largest economies and the fallout from their trade dispute is likely to lower crude consumption growth. At the same time, the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, will increase its oil output, adding to pressure on prices.

Analysts at Citi Research lowered their three-month price forecast for Brent to $55 per barrel from $60 earlier, but maintained its long-term forecast of $60 a barrel this year.

A US-Iran nuclear deal could drive Brent prices down towards $50 per barrel on increased supply in the market, but if no deal were to happen, prices could go up to over $70, they added.

Overnight, the US Federal Reserve left the policy rate unchanged, but highlighted the risks of higher inflation and unemployment.

"The Fed signaled that rates will likely remain on hold until the effects of tariffs become clearer. This boosted the US dollar, which added to headwinds facing the broader commodity markets," said ING analysts in a report on Thursday.