Airports
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
Latest Travel News
Featured Sights To See
Inner West (St. Hanshaugen, Frogner)
Oslo, Norway
Frogner Park is a large recreational area about ten minutes outside the city center by subway. The centerpiece of this park is Vigeland Park, a sculpture garden featuring over 200 pieces Gustav Vigeland, Norway’s most cherished sculptor. This is a great place to sit and relax, especially at night after other tourist destinations have closed. The easiest way to get to this destination is to catch T...
Museo de Arte Contemporáneo de Caracas Sofía Imber
Caracas, Venezuela
Address: Plaza Morelos, edge of Parque Central Complex Timings: Tuesdays to Sundays 10am to 6pm Tickets: free admission to all Believed to be the best modern art museum in all of South America, this neo-classical piece of architecture is a platform where international art comes up close and personal with the Caraqueños. The museum consists of 16 large halls, containing both permanen...
Al Jalali Fort
Muscat, Oman
This twin-towered fort, which sits atop a gigantic rock, was built in the 1580s when Muscat was occupied by the Portuguese. It served as a bastion to protect the harbor from invaders and also served as a prison for many decades. It is currently a museum showcasing Omani culture, history and heritage. It is not, however, open to the general public. Only foreign dignitaries and heads of state are al...
Trianon Park
Sao Paulo, Brazil
This park was established in the late 19th century and featured the flora and fauna of Brazil. Today, it has trees over three hundred years old and can serve as a peaceful retreat from the commotion of the city. Address : Rua Peixoto Gomide 949, Jardim Paulista Tel : 011-3289-2160 Timings : 6am-6pm daily Entry fee : None ...