JAKARTA – The Helicopter Company (THC), a subsidiary fully owned by Saudi Arabia’s Public Investment Fund (PIF), has completed the acquisition of a 76 percent majority stake in Heliconia, a preeminent operator of rotary-wing aviation services in Africa. The agreement, formally signed by THC CEO Arnaud Martinez and Heliconia President & CEO Daniel Sigaud during the Dubai Airshow, signifies a critical step in advancing Saudi Arabia’s strategic objectives in the global aviation sector.

Strategic Expansion and Vision 2030 Alignment

This acquisition provides THC with immediate market entry into North and West Africa and initiates its participation in the specialized offshore aviation segment. The move directly supports PIF’s mandate to foster the development of new sectors that are instrumental to achieving Saudi Vision 2030—specifically economic diversification and delivering sustainable returns. Furthermore, the expansion aligns with the National Logistics Strategy, which aims to establish Saudi Arabia as a leading global transportation and logistics hub.

Arnaud Martinez, CEO of THC, stated: “This acquisition will enable THC to expand into North and West Africa, jump-start our entry into the offshore sector, and further strengthen our position as the catalyst for the creation of Saudi Arabia’s global general aviation footprint.”

Martinez emphasized the shared commitment to operational excellence: “The shared commitment with Heliconia to delivering quality services and setting the highest safety standards highlights the significance of this partnership for both parties.”

The partnership is structured to be mutually beneficial, allowing THC to leverage Heliconia’s established expertise in African offshore services, while Heliconia gains access to THC’s strategic resources and significant growth opportunities.

Enhancing Premium Connectivity with Riyadh Air

In a complementary initiative, THC executed a Memorandum of Understanding (MoU) with Riyadh Air, the Kingdom’s new national carrier and a fellow PIF entity, at the same event. This collaboration is designed to significantly enhance premium travel and last-mile connectivity within Saudi Arabia.

The partnership will introduce seamless helicopter transfer services for Riyadh Air passengers, connecting King Khalid International Airport with key destinations in Riyadh and across the Kingdom once commercial operations commence. This elevated passenger experience mirrors high-end services available in major international cities, reinforcing the transformation of Saudi Arabia’s national aviation landscape.

Tony Douglas, CEO of Riyadh Air, commented: “Our collaboration with THC embodies a shared mission to advance premium mobility solutions that contribute to the transformation of the national aviation landscape.”

The transactions underscore PIF’s systematic approach to strengthening the domestic aviation sector and supporting the broader economic diversification goals by enhancing services crucial to the growth of Saudi Arabia’s tourism, entertainment, and cultural industries.