The Helicopter Company (THC), a Saudi Arabian helicopter operator, has converted its letter of intent for up to 60 Bombardier business jets into binding purchase agreements, the company and Bombardier announced on November 13, Aviation International News (AIN) reported.

The deal includes a firm order for 12 aircraft: five Challenger 3500s, five Global 5500s, and two Global 8000s. AIN reported that the order is worth about $568 million at 2026 list prices. THC also holds options for 48 more aircraft.

THC signed the letter of intent at the Farnborough Airshow in July, marking its plan to expand beyond helicopters, according to the report. AIN said neither company has disclosed how it will split the options by model. It calculated that if they follow the firm order’s mix, the full 60-jet deal would be worth $2.84 billion at list prices. That figure is AIN’s estimate, not one announced by the companies.

Bombardier said the deal is the largest order for a business aviation fleet to date in Saudi Arabia, AIN reported.

THC was founded in 2018 and is backed by Saudi Arabia’s Public Investment Fund. It operates more than 60 helicopters for emergency medical services, aerial work, private charters, and tourism, the report said.

“Demand for business aviation services in Saudi Arabia and the wider region continues to grow, and this fleet allows us to serve it with the right aircraft from day one,” said THC CEO Arnaud Martinez.

AIN said Montreal-based Bombardier has also committed to “a long-term strategic investment” in Saudi Arabia and to establishing a “local footprint” there. It said the company gave no further details.

The report did not give delivery dates or say how THC plans to use the jets.