December 5, 2018

Saudi looks to European banks

Saudi Arabia’s General Authority for Civil Aviation (GACA) initially will approach European banks to raise project finance for a $900 million civilian airport proposed for the Jabal Murshid area.

GACA is expected to award the main contract for the project in the short term.

Nine companies are vying for the contract: Freyssinet Ltd, Joannou and Paraskevaides (Overseas) Ltd, Sinohydro Corporation, Nesma and Partners Co, Al Kifah Holding Co, Al Fouzan Trading and General Construction Co, Almabani General Contractors, Al-Rashid Trading and Contracting (RTCC), and Bin Dayel Contracting Co.

The airport project, scheduled for completion in the second quarter of 2021, is part of an overall plan to expand the kingdom’s aviation network and build new airports.