Saudi Arabia's General Authority of Civil Aviation shortlisted four groups for a USD2.4 billion project to build and operate the Airport City project in Jeddah (Saudi Gazette, 07-Apr-2010). The project is expected to take approximately ten years to complete, and is part of a plan to attract approximately USD5.9 billion in investment to build, own and operate one airport and terminal related facilities. Among the firms shortlisted were Houston-based Hines, Australia's Land Lease Group and Saudi Binladin Group. The winning bids are expected to be announced in Aug-2010. The plan also envisages the construction of an airport in Madina at an estimated cost of USD1.6 billion. Two other Airport Cities will also be constructed in Riyadh and Damman, with the Authority planning to award these tenders in 2010 and 2011, respectively. International Finance Corp, a unit of World Bank, has been appointed as the lead adviser to assist in the implementation of the Jeddah project.
8-Apr-2010 10:59 AM