Medina Airport reaches financial close
3 July 2012
The financing on the Medina Airport PPP in Saudi Arabia has been finalised.
Turkish contractor TAV Airports has formally signed the agreement with Saudi Arabia’s General Authority of Civil Aviation.The deal will see US$1.2bn provided by the National Commercial Bank, Arab National Bank and Saudi British Bank.
Under the contract, TAV will construct and operate a new passenger terminal at Medina, which is scheduled to be operational in 2015.
“Medina Airport is very important, as it is the first airport privatisation of Saudi Arabia, the first ever public-private enterprise collaboration in the Gulf Region,” said TAV Airports president and chief executive, M Sani Sener.
TAV won the deal in August last year and signed the initial agreement in October.
