Saudi Public Investment Fund launches Kingdom’s first commercial helicopter operator 

The kingdom’s is launching its first commercial helicopter operator with an initial capital of 565 million riyals. (File photo: AFP)
Updated 12 March 2019

Saudi Public Investment Fund launches Kingdom’s first commercial helicopter operator 

  • The kingdom’s is launching its first commercial helicopter operator with an initial capital of 565 million riyals

RIYADH: Saudi Arabia’s Public Investment Fund said the Kingdom will be launching its first commercial helicopter operator.
The company will provide private air transport services within major cities, the Saudi Press Agency reported. It will also be organizing tours to many different destinations throughout the Kingdom. 
The helicopter company was established with initial capital of SR 565 million ($151 million) to meet the growing demand in the Kingdom for luxury tourism and transportation services.
The company will provide safe access to distant tourist destinations inside the Kingdom and provide a high quality air transport experience in accordance to international standards. 
The step is in line with the investment fund strategy which aims to maximize sustainable financial returns as well as launching new sectors and developing them.
It also fulfills efforts to achieve Saudi Arabia’s Vision 2030 by encouraging the tourism sector in the Kingdom.  


Fraud alert over cryptocurrency falsely linked to Saudi Arabia

Updated 21 August 2019

Fraud alert over cryptocurrency falsely linked to Saudi Arabia

  • The website of a cryptocurrency company is promoting what it calls the CryptoRiyal and SmartRiyal
  • The Singapore-based company uses the Saudi emblem of two crossed swords and a palm tree

JEDDAH: Fraudsters are trying to lure victims into investing in a “virtual currency” with false claims that it is linked to the Saudi riyal and will be used to finance key projects, the Saudi Ministry of Finance warned on Tuesday.

The website of a cryptocurrency company in Singapore is promoting what it calls the CryptoRiyal and SmartRiyal, using the Saudi emblem of two crossed swords and a palm tree. Its “ultimate goal” is to finance NEOM, the smart city and tourist destination being built in the north of the Kingdom, the company claims.

“Any use of the KSA name, national currency or national emblem by any entity for virtual or digital currencies marketing will be subject to legal action by the competent authorities in the Kingdom,” the ministry said on Tuesday.

The fraudsters were exploiting ignorance of how virtual currencies work, cryptocurrency expert Dr. Assad Rizq told Arab News.

“A lot of tricks can be played,” he said. “Some of these companies are not regulated, they have no assets, and even their prospectus is sometimes copied from other projects.

“They hype and pump their project so the price goes up. Inexpert investors, afraid of missing out, jump in, which spikes the price even higher. Then the owners sell up and make tons of money.

“Cryptocurrencies are a risky investment for two reasons. First, the sector is not yet fully regulated and a lot of projects use fake names and identities, such as countries’ names or flags, to manipulate investors.

“Second, you have to do your homework, learn about the technology. And if you still want to invest, consider your country’s rules and regulations.”