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. 



Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
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Saudi Private Sector Exports Financed by Banks Grow 21.1%

The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)
The Jeddah Islamic Port west of Saudi Arabia (Saudi Ports Authority)

The value of Saudi private sector exports financed by commercial banks through documentary credits (both settled and open) grew by 21.1% year-on-year, reaching SAR 40.4 billion ($10.8 billion) in the third quarter of 2024. This represents an increase of over SAR 7 billion ($1.9 billion) compared to SAR 33.3 billion ($8.9 billion) in the same period in 2023.

According to the Saudi Central Bank’s October statistical bulletin, the Gulf Cooperation Council (GCC) emerged as the leading importer by value, accounting for SAR 26 billion ($7 billion), which represents 64% of total exports. Arab countries followed, importing goods worth SAR 7.7 billion ($2 billion), or 19.1% of the total.

On a quarterly basis, exports financed through documentary credits grew by 35%, rising by more than SAR 10 billion ($2.7 billion) compared to SAR 30 billion ($8 billion) in the second quarter of this year.

The composition of exports showed that “other industrial products” accounted for 79% of the total value of documentary credits, amounting to SAR 31.9 billion ($8.5 billion). Exports of “chemical and plastic materials” made up 19% of the total, valued at SAR 7.6 billion ($2 billion), while “agricultural and livestock products” contributed 2.3%, exceeding SAR 911 million ($243 million).

The Saudi Central Bank’s October bulletin also highlighted a decline in total assets, which stood at SAR 1.8 trillion ($477 billion), down by SAR 80.3 billion ($21.4 billion) compared to September. However, on a year-on-year basis, total assets rose by SAR 27.5 billion ($7.3 billion) compared to October 2023.

The Central Bank’s investments in foreign securities increased by 3% in October, surpassing SAR 1 trillion ($266 billion), compared to SAR 986.8 billion ($262 billion) during the same period last year.

The total reserve assets of the Central Bank grew by 2.19% year-on-year, reaching SAR 1.63 trillion ($433.8 billion) by the end of October, compared to SAR 1.59 trillion ($423 billion) in October 2023. However, reserve assets dropped by 4.7% month-on-month, falling from SAR 1.71 trillion ($455 billion) in September.

Saudi Arabia’s reserve assets include investments in foreign securities, foreign currency deposits, reserves with the International Monetary Fund, Special Drawing Rights, and monetary gold.