The Helicopter Company and GIB-Saudi Arabia sign SAR800 million Murabaha loan deal

 

The Helicopter Company and GIB-Saudi Arabia sign SAR800 million Murabaha loan deal

The Helicopter Company, a fully-owned subsidiary of the Saudi Public Investment Fund, has recently entered into a SAR800 million Murabaha facility agreement with Gulf International Bank – Saudi Arabia (GIB-Saudi Arabia).

This Murabaha loan facility, a financing instrument compliant with Islamic finance principles, features a structured long-term repayment period of 10 years.

With this financial solution in place, the aviation company is well-prepared to efficiently address both its long-term and short-term financing requirements.

 

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Captain Arnaud Martinez, CEO of The Helicopter Company, stated, “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.”

The Helicopter Company, with ambitious plans, has been rapidly expanding, aiming to manage a fleet of over 100 aircraft by 2026. It is actively shaping an ecosystem within the kingdom that did not exist just four years ago. The partnership with GIB-Saudi Arabia not only enables the pursuit of strategic goals and profitability but also signifies the strength of collaboration and their shared vision for the future of aviation in the kingdom.

 

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Abdulaziz Al Helaissi, GIB Group CEO, expressed, “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 remains 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 further advance the Saudi economy to meet the significant aspirations of Vision 2030 and beyond.”

In recent developments, the Public Investment Fund established Al Balad Development Company (BDC) as the primary developer of Jeddah's Al Balad district. BDC is focused on enhancing the district's infrastructure, overseeing the restoration of historic buildings, and developing service facilities, recreational spaces, residential areas, commercial properties, hotels, and office spaces.

Source: https://gulfbusiness.com/