The World Bank's International Finance Corporation (IFC) is advising Saudi Arabia in structuring a public-private partnership (PPP) to expand the Prince Mohammed bin Abdulaziz International Airport in Medina.
The PPP will involve the selection of a private sector partner for the expansion through a competitive bidding process. The country's General Authority of Civil Aviation (GACA) will be the public sector partner for the deal.
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 a 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 equipments of Saudi Arabia’s airports and air navigation. It also works on developing revenues and encouraging investment opportunities at the airports.