PIF-owned The Helicopter Company scales new heights

With the Middle East experiencing the strongest increase in post-pandemic tourism numbers, and Saudi Arabia targeting 100 million visitors by 2030, it is perhaps not surprising that the region’s helicopter market is growing to serve intrepid sightseers.

Offshore oil and gas operations, infrastructure development, emergency medical services (EMS), and VIP transport are also contributing to this trend. It is why The Helicopter Company (THC) offers a wide range of services to meet booming demand across Saudi Arabia.

“The Helicopter Company is quite unique for its industry,” Arnaud Martinez, Chief Executive Officer of THC, told PIF Global Insights. “Usually, helicopter operators are specialized in one or two scopes of operation, whereas we provide the full scope.”

The PIF-owned company launched in 2019, as part of the Fund’s strategy to activate new sectors that support the realization of Saudi Arabia’s Vision 2030, the national transformation plan. Starting with two aircraft, THC scaled up to 30 helicopters within just three years.

Part of PIF’s strategy is to enable a thriving and resilient aviation ecosystem in Saudi Arabia. This is supported by THC, which carries out a range of missions, such as EMS, search and rescue, and corporate transport, with its all-new fleet delivering advanced capabilities, technology and safety in harsh environments.

The company aims to double its fleet to 60 helicopters by 2025. “This is the size and scale of one of the top 10 global players, which achieve that scale [over decades],” said Martinez.

To this end, THC signed a SAR 800 million Murabaha facility agreement with Gulf International Bank - Saudi Arabia earlier this month. The 10-year loan is set to expedite THC's investments in advanced aircraft and infrastructure.

The executive is, however, most proud of THC’s collaboration with the Saudi Red Crescent Authority, which launched an air ambulance service last year. This is crucial to saving lives in exceptional circumstances, such as in difficult-to-reach locations where communication is vital to medical care, with services set to cover 90% of the population. “If you have an accident on the road or while hiking, we should be able to be airborne within 15 minutes,” said Martinez.

Sustainability is core to Vision 2030, Saudi Arabia’s economic and social reform blueprint, something reflected in THC’s use of the latest aircraft, which are quieter, have a notably lower carbon footprint and are safer than older-generation aircraft. “Brand new technology on the helicopter allows us, for example, to take off and land automatically in the case of an emergency engine failure,” said Martinez.

THC has played a role in film shoots in the PIF-owned giga-project NEOM, as well as supporting sports events such as Dakar Rally and Extreme E. “These key events are usually broadcast in 100 to 150 countries,” said Martinez. “The first year, viewers were wondering where Dakar Rally was located because, within 12 days, you could feel that you were in the Maldives; then we moved to the middle of the desert and then to the mountains, which looked like Switzerland. And this is all in Saudi Arabia.”

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