International Finance Corporation, is advising Saudi Arabia’s General Authority of Civil Aviation (GACA) in structuring a public private partnership to expand the Prince Mohammed bin Abdulaziz International Airport in Medina.
The private sector partner will be chosen through a competitive bidding process, according to an IFC statement.
The project aims to improve the efficiency and quality of the airport by modernizing and upgrading its infrastructure, Moazzam Mekan, infrastructure advisory services manager at IFC, said in the statement.
Presently, IFC is supporting the GACA as it upgrades airport infrastructure facilities at the King Abdulaziz International Airport in Jeddah, the King Khalid International Airport in Riyadh and the King Fahad International Airport in Dammam.
The upgrading involves making better use of land within airport boundaries, economic activity creation and improving service quality.
The IFC previously helped the GACA in structuring its first public private partnership deals in 2007. These included the concession for the Hajj Terminal refurbishment and a new desalination plant, both located at Jeddah’s King Abdulaziz International Airport.
Established in 1934, the GACA builds, manages, operates, provides and develops equipment for Saudi Arabia’s airports and its air navigation. It also works on developing revenues and encouraging investment opportunities at the airports.