TAV-led consortium signs $1.5bn Medina airport contract

31 October 2011 (Last Updated October 31st, 2011 18:30)

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.

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.

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.