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. 



Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
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Gold Hastens Retreat as Dollar Rallies on Trump Victory

FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa
FILED - 16 March 2023, Bavaria, Munich: Gold bars and gold coins of different sizes lie in a safe on a table at the precious metal dealer Pro Aurum. Photo: Sven Hoppe/dpa

Gold prices slid more than 3% to a three-week low on Wednesday as investors piled into the US dollar after Republican Donald Trump was elected US president.

Market participants were also looking ahead to the Federal Reserve's interest rate decision on Thursday for further clues on the bank's easing cycle that had helped gold's stunning rally to successive record highs this year.

Spot gold slipped 2.9% to $2,662.99 per ounce, as of 10:10 a.m. ET (1510 GMT), after hitting a three-week low of $2,652.19. The metal was on track to post its biggest daily loss in five months, Reuters reported.

US gold futures shed 3% to $2,668.2.

"A clear presidential victory when the market has been pricing in a contested result, removal of an element of risk, Trump-trades include the dollar's strengthening this morning and the combination of the two has brought gold lower," said StoneX analyst Rhona O'Connell.

Donald Trump recaptured the White House by securing more than the 270 Electoral College votes needed to win the presidency, Edison Research projected.

Investors believe Trump's presidency will bolster the dollar, causing the Federal Reserve pause in its easing cycle if inflation takes off after expected new tariffs.

The dollar index hit a four-month high, making bullion more expensive for overseas buyers.

"Gold will be torn between the risk of rising inflation, potentially slowing the pace of US rate cuts, as tariffs are rolled out," said Ole Hansen, head of commodity strategy at Saxo Bank.

"The FOMC will likely still cut on Thursday but the subsequent language will be studied closely for signs of a pause."

Investors widely expect the Fed to announce a quarter-point rate cut after 50 bps reduction in September.

Commodities from oil and gas to metals and grains dropped as the dollar rallied.

Spot silver fell 4.9% to $31.03 per ounce. Platinum shed 2.8% to $971.7 and palladium was down 3.7% to $1,035.5. All three metals hit their lowest levels in three-weeks.