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DEAL ANALYSIS: Medina Airport

07 September 2012

The TIBAH consortium, comprising TAV Airports, Saudi Oger and Al Rajhi Group, closed the $1.2 billion debt facility for the Medina Airport PPP in Saudi Arabia on 30 June 2012. National Commercial Bank (NCB), Arab National Bank (ANB) and Saudi British Bank (SABB) provided all of the debt, which was entirely denominated in Saudi riyals. The deal is the first airport privatisation deal to close in Saudi Arabia and the first ever PPP deal in the region to be entirely Sharia-compliant. Saudi Arabia’s General Authority of Civil Aviation awarded TIBAH the 25-year build- transfer-operate (BTO) concession for Medina Airport on 8 August 2011. The project involves the construction of a new terminal at the transport hub, as well as the renovation, operation and maintenance of the existing runway and all airside facilities. The project will have a total cost of $1.5 billion, with a debt/equity split of 80:20. The expansion...

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