TAV Airports Holding, in a consortium with Al Rajhi Holding Group and Saudi Oger, has signed a $1.5bn deal with Saudi Arabia’s General Authority of Civil Aviation to enhance the capacity of Medina’s Prince Mohammad Bin Adbulaziz International Airport.

Under the build-transfer-operate contract, the consortium will begin work in the first half of 2012, after which it will operate the airport for 25 years until 2037.

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The expansion, which includes the addition of a new terminal building and apron, will increase the airport’s passenger handling capacity to eight million from 3.3 million.

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