Home Business Saudi wealth fund PIF sets up helicopter operator

Saudi wealth fund PIF sets up helicopter operator


Saudi Arabia’s state-run Public Investment Fund (PIF) has set up the kingdom’s primary commercial helicopter operator with the first capital of SAR565m ($151m), state news agency SPA reported said on Monday.

The corporation will provide private air transport inside the country’s main cities, as well as tourist trips to other parts of the country, according to the SPA’s statement.

PIF is sustaining government strategy to branch out its economy, with investments in renewable energy, infrastructure, and entertainment.

The fund, that has $360bn in assets according to the Sovereign Wealth Fund Institute, is also an investor in ride-hailing firm Uber Technologies and owns stakes in electric car makers Tesla and Lucid Motors.


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