One of the Persian Gulf region's first public-private-partnership contracts—and the first for an airport in Saudi Arabia—has been awarded to a consortium led by Istanbul-based TAV Airports Holding AS and its local partners, Al Rajhi Holding Group and Saudi Oger Ltd.
The consortium’s estimated $1-billion to $1.5-billion investment to expand the 30-year-old Prince Mohammad Bin Abdulaziz International Airport in Medina will be recouped through a concession to operate the airport until 2037.