Skip to content Skip to Search
Skip navigation

Turkish operator to invest in Saudi airport expansion

By Pramod Kumar
Terminal, Architecture, Building Madinah Airport/X
Prince Mohammad Bin Abdulaziz International Airport served 9.4 million passengers in 2023

Turkish airport operator TAV Airports will invest $71.5 million as part of the $275 million expansion plan for Prince Mohammad bin Abdulaziz International Airport, better known as Madinah Airport, in Saudi Arabia, according to a media report.

The new investment will increase Madinah Airport’s passenger handling capacity to 18 million annually from the existing eight million per year, Daily Sabah, a Turkish news outlet, reported, citing a statement published on the state’s public disclosure platform. 

TAV Airports owns a 26 percent stake in Tibah Development, a joint venture with Saudi Arabia’s Al-Rajhi Holding Company that manages Madinah Airport.

Person, Electronics, Mobile Phone

Newsletter
Get the Best of AGBI delivered straight to your inbox every week

The total investment will be made in two stages: building a new 40,000 sq m domestic terminal and redeveloping the existing terminal to increase passenger capacity.

The expansion will start in the first half of 2024 with completion planned in 2027.

TAV Airports CEO Serkan Kaptan said the company has operated Madinah Airport, the gateway to the Holy Land, with its partner Al-Rajhi Holding for the last 12 years.

He added that passenger traffic is increasing and the expansion will help accommodate growing demand.

Prince Mohammad Bin Abdulaziz International Airport served 9.4 million passengers in 2023, the newspaper said.

The consortium, comprising TAV Airports, started operating Madinah Airport in 2012, as the first airport privatisation project in Saudi Arabia.

Latest articles

illegal pilgrims Mecca Saudi Arabia

Illegal Hajj pilgrims risk fines and deportation

Fines for Saudi nationals and deportation for foreign residents taking part in the Hajj pilgrimage without a permit have been announced by the country’s interior ministry. Those who help illegal pilgrims also face jail as the kingdom tries to impose stricter controls over the annual rites.  A fine of SAR10,000 ($2,700) will be issued against […]

Accessories, Formal Wear, Tie

EU looks for alternatives as trade talks with GCC stall

The European Union is actively seeking alternative “avenues” for economic cooperation with the GCC following a deadlock in free trade agreement talks, said Johannes Hahn, the EU commissioner for budget and administration. “We would be interested, of course, to get an agreement [with the GCC], but we have not made a lot of progress,” Hahn […]

Emaar China Palace Hotel Downtown Dubai

Emaar Hotels reveals wide expansion plans

Emaar Hospitality Group is talking to investors in Europe, the Middle East and China to expand its footprint regionally and internationally. The Dubai-based company is behind iconic names such as The Address Hotels & Resorts, Vida Hotels, Palace Hotels & Resorts and Armani Hotels & Resorts. Mark Kirby, Emaar Hospitality’s CEO, told AGBI the company […]

Smasco provides manpower solutions for sectors such as construction, healthcare and hospitality

Saudi staffing company Smasco plans $240m from IPO

Smasco, the Saudi Manpower Solutions Company, is expected to raise between SAR840 million and SAR900 million ($224 million to $240 million) from its initial public offering after setting an indicative price range of SAR7 to SAR7.50 per share. The market capitalisation of the staffing company at listing will be between SAR2.8 billion and SAR 3 […]