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
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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.  


Prince Sultan visits Russian space agency in Moscow

Updated 14 min 38 sec ago
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Prince Sultan visits Russian space agency in Moscow

MOSCOW: Prince Sultan bin Salman, chairman of the board of directors of the Saudi Space Commission, visited the headquarters of the Russian space agency Roscosmos on Wednesday, for a working session alongside its director general, Dmitry Olegovich Rogozin.
The two sides discussed areas ripe for collaboration, including possible investments in the space sector as well as joint training programs and shared technological research.
Prince Sultan stressed the importance of the relationship between the two countries, and that it was essential to maintain it for both to progress in the increasingly competitive global space sector. He cited growing investment and cooperation as reasons to be optimistic, and highlighted the work of a joint commission between the two currently developing a Saudi national space strategy.
Rogozin said “Russia considers Saudi Arabia a serious partner, with a great regional and international influence.”
The two nations possess unique heritage in terms of cosmic exploration. Saudi Arabia was the first Arab (and, indeed, the first Muslim) nation to send an astronaut into space — Prince Sultan himself, in 1985. The Soviet Union, meanwhile, which preceded the Russian Federation, was the first nation to send a man into orbit, cosmonaut Yuri Gagarin in 1961.