Prince Mohammed Bin Abdulaziz International Airport
Prince Mohammad bin Abdulaziz International Airport or Medina Airport is a regional airport in Medina, Saudi Arabia. Opened in 1950, it handles domestic flights, while it has scheduled international services to regional destinations such as Cairo, Dubai, Istanbul and Kuwait City.
The Government of Saudi Arabia realized from the outset the importance of the private sector as an economic development partner, and civil aviation sector is ambitious having ideal investment factors. Given the importance and the role of the air transport sector in the service of pilgrims and visitors to the Prophet’s mosque, The King (Allah preserve him) directed to transform Prince Mohammad Bin Abdul-Aziz airport in Medina to an international airport, to join the international airports systems in the Kingdom.
On that the Supreme Economic Council issued a decision to approve the participation of the private sector into the implementation, development and operation of the Prince Mohammed bin Abdul Aziz Airport Project, which is considered as a new airport.
In this context the General Organization of Civil Aviation (GACA) ensured international participation in this partnership project between public and private sector and with the support of International Finance Corporation (IFC), a member of the World Bank Group, as lead advisor to the organization for the project, which represents the first partnership between the public and private sectors in airports in KSA; launched an ambitious plan to modernize and expand the airport with private sector participation under a long-term concession. This approach is part of GACA’s overall strategy of reforming and modernizing Saudi Arabia’s aviation industry.
The project was funded by amount of one billion and two hundred million U.S. dollars in an Islamic finance way by the NCB, SABB and Arab National Bank under the supervision of the International Finance Corporation consultative (IFC) a member of the World Bank Group.
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