Saudi Arabia's GACA awards Medina Airport construction project to Tibah consortium
Saudi Arabia’s General Authority of Civil Aviation and IFC finalised the award of a public-private partnership agreement to Tibah Airport Development Company, a consortium of TAV Airports, Al Rajhi Holding Group and Saudi Oger, covering the development of Madinah Mohammad Bin Abdulaziz Airport (Medina Airport), as reported by ArabNews and Gulf Today. The Tibah consortium will develop the airport under a 25-year build, transfer and operate agreement. TAV Airports president and CEO Dr M Sani Sener announced the consortium plans to complete construction of a USD1-1.5 billion, 4 million sqm development and upgrade project by 2020. Phase one of construction will see a new passenger terminal completed by 2015, designed to increase capacity from four million to eight million passengers p/a. Phase two development will increase capacity to 12 million passengers p/a by 2020. The consortium also signed investment agreements totalling at least USD1.1 billion with National Commercial Bank, Arab National Bank and SABB, to support the development over the next three years.