Saudi Arabia - The Helicopter Company (THC), a fully-owned unit of Saudi sovereign wealth fund PIF, has signed a SAR800 million ($213 million) murabaha loan facility agreement with Gulf International Bank - Saudi Arabia. The agreement will support THC’s aircraft and infrastructure investments in Saudi Arabia.
According to THC, the loan amount will be used to achieve the company's key targets including that of managing a 100+ fleet by 2026.
A premier provider of commercial helicopter services, THC said the Murabaha loan facility, a financing instrument compliant with Islamic finance principles, represents a substantial boost for the Saudi group's financial capabilities and is structured with a long-term repayment period of 10 years.
This extended repayment period is tailored to THC's evolving business requirements, ensuring that the funding acquired enables the company's strategic vision and aspirations, said a statement from the company.
With this financing solution in place, THC will be well-positioned to address both its long-term and short-term financing needs efficiently, fostering a brighter future for the general aviation industry in Saudi Arabia, said a top official.
"The funds from this loan facility will support THC'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," remarked its CEO Captain Arnaud Martinez.
"THC has been growing at an unprecedented scale with ambitious plans of managing a fleet of 100+ by 2026. We are actively shaping an ecosystem in the kingdom that did not exist four years ago and this partnership with GIB-Saudi Arabia not only helps us pursue our strategic goals and reach profitability, but also symbolizes the strength of collaboration and our shared vision for the future of aviation in the Kingdom,” he added.
On the deal, GIB Group CEO Abdulaziz Al Helaissi said: "We are pleased to extend this financing facility to THC this exciting period of expansion for the company and the kingdom’s aviation industry."
"We continue to be a committed partner for the kingdom’s ongoing diversification and economic growth, and we are proud that our partnership and support for companies like THC can help accelerate development in strategic growth areas that will help the Saudi economy further advance and meet the significant aspirations of Vision 2030 and beyond," he added.
Copyright 2022 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (Syndigate.info).