THC signs $213.25m Murabaha loan facility with GIB
RIYADH, November 6, 2023
The Helicopter Company (THC), a Public Investment Fund firm and KSA's premier provider of helicopter services, has signed a SR800 million ($213.25 million) Murabaha facility with Gulf International Bank (GIB), Saudi Arabia.
“The funds from this loan facility will support THC's ongoing investments in high quality cutting-edge aircraft and infrastructure and contribute to the development of Saudi Arabia’s aviation sector in line with Vision 2030,” said Captain Arnaud Martinez, CEO of THC.
“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 symbolises the strength of collaboration and our shared vision for the future of aviation in the kingdom,” he added.
Substantial boost
The Murabaha loan facility, a financing instrument compliant with Islamic finance principles, represents a substantial boost for THC'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. 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.
Abdulaziz Al Helaissi, GIB Group CEO, said: “GIB-Saudi Arabia is pleased to extend this financing facility to THC during this exciting period of expansion for the company and the kingdom’s aviation industry. GIB continues to be a committed partner to 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.”--TradeArabia News Service
