Saudi Arabia’s state-run Public Investment Fund (PIF) has launched the kingdom’s first commercial helicopter operator with an initial capital of SAR565 million ($151 million), according to state news agency SPA.
The helicopter company will offer private air transport and tourist trips within Saudi’s major cities, as well as other parts of the country.
It was launched to cater to rising demand in luxury tourism and urban aerial transport, in addition to developing the kingdom’s aviation sector.
The move by PIF, which is reported to have approximately $360bn in assets, is in line with the country’s Vision 2030, which aims to diversify Saudi’s economy away from oil and through investments in infrastructure, entertainment and more.
The fund is also an investor in US-based ride-hailing firm Uber Technologies and electric car makers Tesla and Lucid Motors.
Source: Arabian Business