Turkey's TAV talking with banks to finance Saudi airports

Turkish airport operator TAV is in talks with banks to obtain $250 million of financing needed for the development of three airports in Saudi Arabia, the company’s president Mustafa Sani Şener said May 16.

TAV Airports Holding, in partnership with the local Al Rajhi Holding Group, was selected over the last couple of months to operate Saudi Arabia’s Yanbu, Qassim and Hail international airports for 30 years.

Meanwhile, the Turkish company has completed the buyout of construction conglomerate Saudi Oger’s stake in the consortium behind Saudi Arabia’s Medina international airport, Şener told reporters.

Saudi Oger had a 33.3 percent stake in the consortium, Tibah Airports Development Co; TAV has signed an agreement to buy half of that stake and Al Rajhi is buying half, Şener said. That will leave TAV owning 50 percent of the consortium.