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Turkey's TAV seeks $250 million bank loan for Saudi airports

Staff Writer |
Turkey's TAV is in talks with banks to get the $250 million it needs to develop three airports in Saudi Arabia, the airport operator's president Mustafa Sani Şener said.

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TAV Airports Holding, in partnership with Al Rajhi Holding Group, was chosen to develop and operate Saudi Arabia's Yanbu, Qassim and Hail international airports.

Şener said TAV was talking to Saudi banks, adding that Turkish company would use $100 million of its own equity.

Airports are one of several sectors Saudi Arabia is seeking to privatise as it aims to raise around $200 billion in order to diversify its economy in an era of lower oil prices.

The kingdom is expanding its airports as it expects to receive more foreign visitors, including 30 million annual pilgrims by 2030, up from around 8 million at present.

In the kingdom's first airport privatisation in 2011, TAV, which operates 17 airports around the world, and Al Rajhi were awarded a build, transfer and operate contract for Medina's Prince Mohammad Bin Abdulaziz International Airport.

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