Al Rajhi-TAV consortium yet to close financing for airport projects: report

A consortium comprising Saudi Arabia’s Al Rajhi Holding Group and Turkey’s TAV Airports Holding, which is set to develop three airport public-private partnership (PPP) projects in the Kingdom, has not yet reached a financing agreement with banks, MEED reported citing a source familiar with the matter.

A number of banks have agreed to fund the projects, but the documentation process took longer than expected.

The three projects comprise a passenger terminal building at the Yanbu airport, as well as the redevelopment of the Qassim and Hail airports.

The consortium had expected to reach financial close by the end of 2017.

Banque Saudi Fransi (BSF) is the lead arranger for the project, and the financing value being considered is close to $600 million, it was reported.