RIYADH, March 11 (Xinhua) -- Saudi Public Investment Fund (PIF) announced on Monday the launch of the Helicopter Company, the first national commercial helicopter operator in Saudi Arabia, Saudi Press Agency reported.
The company with an initial budget of around 150 million U.S. dollars will provide private transportation services within the main cities of Saudi Arabia as well as tourist trips to various attractions around the Kingdom.
It will cater to emerging demand in luxury tourism as well as untapped existing demand for urban aerial transportation. It will be instrumental in meeting demand for helicopter transportation within major cities in Saudi Arabia as well as supporting the development of the wider aviation sector. In addition, it will provide access to remote destinations and a high-end experience on a par with other global destinations.
The launch of the company is in line with the fund's strategy to generate sustainable returns, to establish and develop new sectors in Saudi Arabia, as well as to support the realization of Vision 2030 by acting as a catalyst for Saudi Arabia's nascent tourism sector.
