Investors concerned over private Madinah airport project
April 11- Investors are raising questions about the viability of the SAR6 billion ($1.6 billion) private airport in Madinah, when the authorities have been unable to collect fees from the government carrier Saudi Arabian Airlines.
The airline owes billions of riyals to the General Authority for Civil Aviation (GACA), which regulates the industry and owns the kingdom's airports and was on a road show in Dubai recently to test investor interests. According to source, firms like the HSBC, Australian bank Macquarie Capital, and local contractors Saudi Oger and Saudi Binladin Group attended the meetings in Dubai last week and were concerned about the Saudi Arabian Airlines' outstanding bills. The carrier, owes SAR11 billion to GACA.
Sources added that this huge unpaid bill as well as the money the kingdom spends on its airline along with large discounts for fuel has weakened the sector and hurt upstart private carriers.
Both Saudi Airlines and GACA have decided to privatize their assets in the coming years.
More Airports News
Passenger traffic at Doha’s Hamad International Airport grows by 20%
Sunday, 18 September 2016
Hamad International Airport (HIA) welcomed 17.6 million passengers during the first half of 2016, ...
World’s first 7-star airport inaugurated
Wednesday, 13 April 2016
To accompany the world’s only 7-star hotel, Dubai has constructed the world’s first ...
Creative art pieces on display at Doha’s Hamad International Airport
Thursday, 17 March 2016
Qatar Airways Group Chief Executive, HE Mr. Akbar Al Baker spoke about the importance of art and ...
Doha's Hamad International Airport launches new App
Saturday, 05 March 2016
Doha’s Hamad International Airport (HIA) has launched a bluetooth iBeacon enabled mobile app to ...
British Airways opens lounge at Dubai International
Sunday, 28 February 2016
British Airways has unveiled its prestigious new lounge at the newly built Concourse D in ...
Dubai International holds international airport top spot
Wednesday, 03 February 2016
Dubai International retained its position as the world’s number one hub for international ...
Start your Adventure
North & South America